McConnell Rejects Higher Taxes on Big Oil

Monday, 16 May 2011 07:57 AM

 

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink

Senate Republican Leader Mitch McConnell on Sunday rejected a proposal to scale back tax breaks for big oil firms, calling it a political maneuver.

McConnell said the Democratic plan to repeal major tax incentives would "raise the price of gas at the pump, send jobs overseas" and make the United States even more dependent on oil imported from other countries, such as Venezuela.

"That's just a political stunt," McConnell said on CNN's "State of the Union" program.

Democrats have crafted a bill to scrap certain tax deductions used by the five biggest oil companies, and potentially free up $21 billion over a decade to help ease the budget deficit.

Eliminating the tax breaks has been a goal of President Barack Obama and the call by Democratic lawmakers has become louder as gasoline prices have hovered near $4 a gallon.

Republicans, who control the House of Representatives, have opposed curbing the tax breaks and some Senate Democrats are wary of the idea, leading analysts to predict its chances of passing are slim.

But high energy costs are proving a potent political issue as the 2012 presidential campaign heats up and Democrats want to try to put Republicans on record as supporting Big Oil. Pushing for a vote on the legislation on tax breaks is one way to do that.

Republicans for their part are hammering Obama over high gasoline prices, which threaten to slow the economy just as it is beginning to pick up steam.

Under pressure over energy costs, Obama announced on Saturday the expansion of domestic oil production in Alaska and the Gulf of Mexico.

© 2014 Thomson/Reuters. 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:
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

Ebola Worst-Case Projection: 550,000 Cases

Saturday, 20 Sep 2014 10:11 AM

The Ebola outbreak in West Africa could spread to hundreds of thousands more people by the end of January, according to  . . .

Chrysler Recalling Nearly 189,000 SUVs

Saturday, 20 Sep 2014 10:10 AM

Chrysler is recalling nearly 189,000 Jeep Grand Cherokees and Dodge Durangos in the U.S. to fix a fuel pump problem that . . .

Rep. Cory Gardner: Dems' Inaction Keeping Americans Out of Work

Saturday, 20 Sep 2014 09:44 AM

Americans are missing out on jobs because President Barack Obama and Senate Democrats are blocking the numerous jobs and . . .

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