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

Author Phyllis Chesler: Obama 'Seems to be Siding With the Jihadists'

Saturday, 22 Nov 2014 21:57 PM

The United States can never defeat the Islamic State and other terrorist groups until President Barack Obama realizes t . . .

State Senator Protesting Ferguson a Victim of Attempted Carjacking

Saturday, 22 Nov 2014 19:56 PM

A Missouri state senator and gun-control advocate who has protested police actions in Ferguson surrounding the Michael B . . .

Report Questions if Dempsey Should Quit Over Obama's ISIS Strategy

Saturday, 22 Nov 2014 18:57 PM

The Obama administration's strategy of using only airstrikes against the Islamic State is frustrating military leaders,  . . .

Most Commented

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

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