The Oil Depletion Allowance: The Greatest Tax Loophole in American History

The tax code has numerous loopholes in it that reduce tax burdens, as many Americans discovered upon the release of the New York Times report of at the time President Trump’s taxes, which told a tale of tax avoidance. There are, however, not as many as there used to be and the most substantial one was the oil depletion allowance.

In 1913, as the oil indu…