Paying taxes is painful… but reading about them shouldn’t be.
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The House of Representatives has voted to repeal $18 billion of tax breaks for oil and gas producers, as expected. The bill passed by a vote of 236-182.
The bill now heads to the Senate, where it will be more difficult to get a win. Even if it does pass in the Senate, the White House has threatened a veto.
Stay tuned!
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On Wednesday, Congress will consider rolling back nearly $18 billion in tax breaks for large oil companies pushed through in 2005. The White House has already voiced its intention to veto such a bill if it passes.
Democrats are hopeful that the bill will pass. Last year, a similar bill languished in the Senate when the GOP opposed it. However, as the price of oil continues to climb, sentiments may be changing.
The revenues from the repeal of the breaks from the oil companies – almost $18 billion over 10 years – would be used for tax incentives for wind, solar and other renewable energy sources.
Big oil, in a second year of record breaking profits, has been busy lobbying against the bill in Congress. Clearly, they’ve already won over the White House.
What do you think? Should Big Oil pay up? Or should we stick to the original cuts?
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