WASHINGTON (AP) — House Speaker John Boehner says Congress should take a look at repealing multibillion-dollar tax subsidies enjoyed by the major oil companies.
The Ohio Republican told "ABC World News" that the government is short on revenues and that oil companies "ought to be paying their fair share." A gallon of gasoline exceeds $4 in some parts of the country.
Boehner is the most powerful Republican in Washington and his remarks seem to be a significant change of heart. Republicans have blocked attempts by Democrats to curb oil company subsidies.
But cutting tax breaks for oil companies could also be part of any effort to overhaul the extraordinary complicated tax code. Any tax reform effort would curb tax breaks in exchange for lowering personal and corporate income tax rates.
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