Dems press supercommittee to go after oil subsidies
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10/17/11 12:20 PM ET
House Democrats are moving on several fronts to keep political
pressure on the supercommittee to repeal oil-and-gas industry tax
breaks in its deficit-reduction package. Tax
credits that should be eliminated include the tax credit for
refineries, which costs the United States over $1.3 billion over ten
years and increases our dependence on tar sands oil, and broader tax
subsidies, such as the “last in, first out” accounting for
inventories that costs taxpayers $52 billion over ten years with oil
and gas companies receiving the bulk of that subsidy. Separately, Democratic ranking members from multiple committees
are urging the bicameral, bipartisan supercommittee — which is
seeking at least $1.2 trillion in deficit reduction over a decade —
to keep a repeal of oil industry incentives on the table. © 2011 Capitol Hill Publishing Corp., a subsidiary of News Communications, Inc. To subscribe or visit go to: http://thehill.com |