Snow begs Bush to block bill which would curb oil industry tax break

[bigtree]

In letter to lawmakers, Snow says that change to 'long-accepted' accounting method would be unacceptable to administration.

February 23, 2006: 3:19 PM EST

WASHINGTON (Reuters) - President Bush's advisers would recommend he veto tax legislation if it curtails an oil industry tax break, Treasury Secretary John Snow said in a letter to a leading lawmakers Thursday.

Snow told the Senate Finance Committee chairman, Iowa Republican Sen. Charles Grassley, and the House Ways and Means Committee chairman, California Republican Rep. William Thomas, that the administration has "strong concerns" about a provision that would disallow use of the "last-in, first-out" method of accounting, known as LIFO, that is used by oil companies with sales of more than $1 billion.

"This provision would result in a retroactive tax increase by changing a long-accepted accounting practice," Snow said in a letter.

Record profits for oil companies and multi-millionare Snow won't shave off a dime of their corporate welfare. But he'll miser all of the rest of the budget which might benefit the middle class, lower incomes, and the poor.

Oil subsudies should be ended, flat.

article: http://money.cnn.com/2006/02/23/news/companies/snow_veto.reut/index.htm

[Roland99]

1. Why doesn't he melt already?