Bill ending oil company tax cuts clears Senate hurdle

[Eugene]

Source: Reuters

Bill ending oil company tax cuts clears Senate hurdle

By Ayesha Rascoe and Richard Cowan

WASHINGTON | Mon Mar 26, 2012 7:31pm EDT

(Reuters) - Legislation repealing tax breaks for major oil companies passed its first hurdle in the Senate on Monday, but is unlikely to become law, as Republicans and Democrats seek to score political points over rising gasoline prices.

The Senate voted 92 to 4 to proceed with consideration on the bill that would eliminate billions of dollars in tax breaks for the "big five" oil companies: Exxon Mobil Corp, BP Plc, ConocoPhillips, Chevron Corp and Royal Dutch Shell Plc.

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The lopsided vote in favor of moving ahead with consideration of the oil tax cuts bill reflected political maneuvering in the chamber, not actual support for the measure.

Both Democrats and Republicans think they will score points with voters by staging a Senate debate on tax breaks for the major oil companies - knowing that legislation ending these breaks will not clear the Republican-controlled House of Representatives.

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Read more: http://www.reuters.com/article/2012/03/26/us-usa-oil-taxbreaks-idUSBRE82P16220120326

[socialindependocrat]

1. Let's make it simple-End the breaks or don't get reelected...

Write to your congress people and tell them:

Make the discussion short.

End the tax breaks or don't get reelected.

[PoliticAverse]

2. "but is unlikely to become law" n/t

[MannyGoldstein]

3. So why wasn't it introduced when the Dems held both houses of Congress?

Because it might have passed?

[IndyJones]

4. I think I read awhile back that the big oil companies pay something like

between 2%-3% effective income tax rate. That is just ridiculous. They need to close their loopholes.

[LiberalFighter]

5. Why not keep the tax loophole???

Just on oil that is removed from US land, refined on US land, and sold as gasoline or other byproducts for American consumption.

All other oil that is sold and transported out of the US to other countries that is not used for American consumption would lose tax subsidies.