Big Oil Tax Breaks Face Bipartisan Pressure

Friday, 29 Apr 2011 01:15 PM

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink
Some Republicans in Congress have joined Democrats in questioning whether the booming oil industry should get to keep $4 billion in tax incentives, The Wall Street Journal reports.

Oil industry,tax breaks,Mitch McConnell,budget deficit
Mitch McConnell
Democrats have labeled the tax breaks an unnecessary subsidy at a time of huge federal deficits and high oil-industry profits.

Top House Republicans including the speaker and budget committee chairman have signaled a willingness to explore repealing those breaks.

But the parties differ in their approach to the issue. House Republicans want to rewrite the U.S. tax code entirely to eliminate loopholes and lower corporate rates for all businesses.

Democrats are zeroing in on oil companies and, in the Senate, pushing a piecemeal vote on their tax incentives as a way to squeeze Republicans politically.

A spokesman for Senate GOP Leader Mitch McConnell says the just-oil strategy could backfire.

“Democrats are having a hard time explaining how this [vote] won’t raise gas prices, increase our dependence on foreign oil, and cost jobs,” the spokesman said.







© 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:
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

Duncan's Nurses: We Held His Hand When Nobody Else Would

Friday, 24 Oct 2014 23:08 PM

The last people to hold Ebola patient Thomas Eric Duncan's hands to comfort him as he was dying at Dallas' Texas Presbyt . . .

Living Large: The Scandal of Bishops' Residences

Friday, 24 Oct 2014 20:31 PM

Camden, N.J., is one of the poorest cities in the U.S. So it was a shock earlier this year when reports surfaced that Bi . . .

Judge Rules Oklahoma Abortion Law Can Take Effect

Friday, 24 Oct 2014 20:09 PM

A new Oklahoma law that requires clinics to have a physician with admitting privileges at a nearby hospital present when . . .

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