Democrats Target Big Oil Tax Breaks

Wednesday, 11 May 2011 09:40 AM

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink
With gas prices at record levels and President Barack Obama resisting efforts for new drilling, Senate Democrats have decided now is the time to go after the nation’s five largest oil companies. They are proposing eliminating tax breaks for the companies that they argue will save $21 billion over the next decade, The Washington Post reported.

Democrats are betting that by going after Exxon Mobil, Shell, BP, Chevron and ConocoPhillips they will be able to blunt GOP efforts to solve the nation’s deficit and debt problems without new taxes and show they are doing something about high gas prices.

democrats, big, oil, taxSenate Majority Leader Harry Reid, D-Nev., said, “We should not be drawing lines in the sand. It has to be a fair approach to balancing the budget. We have to do something with domestic [programs]. We have to do something on defense. And, of course, we have to do a better job with taxes,” the Post reported.

Senate Minority Leader Mitch McConnell, R-Ky., countered, “We’re not going to raise taxes. That was decided in last November’s election. I think the American people pretty clearly believe that we have the deficit problem because we spend too much, not because we tax too little.”

Democrats are hoping to focus voter anger on high gas prices on the very profitable oil companies receiving taxpayer subsidies. However, the oil companies believe they are being singled out unfairly.

National Petrochemical and Refiners Association’s Charles Drevna said that “targeting a specific industry or even a segment of that industry is what we would consider punitive and unfair tax policy, and it is not going to get us increased energy security, increased employment and certainly not going to lower the price of gasoline,” he told the Post.

© 2014 Newsmax. All rights reserved.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Retype Email:
Country
Zip Code:
Privacy: We never share your email.
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

Mali's Islamists Withdraw Cease-Fire Pledge

Friday, 04 Jan 2013 13:06 PM

Tens of thousands of Fatah supporters rallied in the Hamas stronghold of Gaza on Friday for the first time since they we . . .

Fmr. CIA Director Hayden: Iran Nuclear Crisis Gets 'Scarier'

Tuesday, 17 Jul 2012 18:11 PM

 . . .

Join Fmr. CIA Director for Special Iran Briefing, Assess the Danger

Friday, 13 Jul 2012 12:27 PM

 . . .

Most Commented

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved