Second Thoughts in Congress on Oil Tax Breaks
Can you say 'duhhhhhhhhhhhh'? There should be no question or hesitation about this. This is an established industry making record profits. If tax breaks are to be given out for those in the energy business - they should be given out to those companies that are about the pursuit of renewable sources of energy.
As anxiety spread in Congress on Wednesday over soaring oil prices, lawmakers in both parties said they were ready to take a tough look at oil and gas incentives they passed as recently as eight months ago.
Citing record industry profits and huge executive pay packages, the top Republican and top Democrat on the Senate Finance Committee asked the Internal Revenue Service to turn over tax returns for the nation's 15 biggest oil and gas companies.
Leading Republicans echoed President Bush's call Tuesday to trim about $2 billion in tax breaks Congress passed as part of the energy bill last August. Several prominent Democrats, not to be outdone, pushed for repealing oil and gas tax breaks worth more than $10 billion over the next five years.
posted by EAPrez @ 11:30 AM
1 Comments
1 Comments:
Exactly what does this have to do with the obscene tax cuts given to the oil industry?
Regarding presidential elections and gas prices --- while Bill Clinton was being crucified for screwing Monica I was paying less than $1 a gallon for gas. Now we got George and Exxon screwing us and no one is crucifying them.
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