House Democrats Target $40 Billion in `Big Oil' Tax Breaks

[ProSense]

Source: Bloomberg

U.S. House Democrats are seeking to end tax breaks for oil companies such as Exxon Mobil Corp. and BP Plc valued at $40 billion for five years to fund initiatives including clean-energy programs.

Representatives Edward Markey of Massachusetts, top Democrat on the House Natural Resources Committee, and Earl Blumenauer of Oregon led Democrats in introducing the “Ending Big Oil Tax Subsidies Act” today in Washington. Democrats said subsidies undermine investment in cleaner sources of energy, increase the deficit and weaken U.S. energy security.

“It’s certainly no longer necessary to simply fatten the bottom lines of five of the most profitable corporations the world has even known,” Blumenauer said at a news conference.

The bill, which needs support from Republicans who run the House, would repeal 10 tax breaks and subsidies, targeting the largest producers. It would rescind a tax break for domestic manufacturing, a credit to spur production of “marginal” wells and a policy that credits companies for taxes they pay overseas.



Read more: http://www.bloomberg.com/news/2011-02-10/house-democrats-target-40-billion-in-big-oil-tax-breaks.html

[xchrom]

1. recommend

[golddigger]

2. Would have been a good idea when thet were in power.

Nothing but a tired old game in Washington.

[Rosa Luxemburg]

4. Why didn't we do this before?

[LiberalLovinLug]

6. Exactly what I was going to post

Isn't it convenient that the Dems introduce this bill now that the Rethugs have the votes and will quash this bill. A game is right. They can go to the progressive base and say "see we're at least trying!"...now please vote for us... and to their big corporate donors a big wink wink nudge nudge.

[DCKit]

3. It's a start. Next up: The Trillions in Offshore, Untaxed Income. nt

[grahamhgreen]

5. K&R

[sweetapogee]

7. I would like to know...

if it is such a good idea now, why didn't congressional dems do it last year?

[Kingofalldems]

8. K and R

[stillwaiting]

9. Very nice to see. Should have done it when the House was Democratic though.

Of course, then it just might have passed so this topic was not broached.

[progressoid]

10. Day late and a dollar short.

WTG Democrats.

[ItNerd4life]

11. Finally.