House Democrats Try to End a Tax Break for Big Oil

I agree with this part, ending the tax break for big oil, but lower the corp. rate from 35 to 25% -- that's essentially a simplification to the code, along the lines of a flat tax.

Numerous Republicans in recent weeks have said the billions in U.S. tax breaks should get a second look. That list includes Speaker John Boehner, Budget Committee Chairman Paul Ryan (R., Wis.), Sen. Jim DeMint (R., S.C.) and a slew of house members who went home for congressional recess. But most said they support addressing the breaks as part of corporate tax reform. They want to dramatically lower tax rates for all U.S. corporations, while ending tax breaks that benefit only specific industries.

 

 

 

 

House Democrats Try to End a Tax Break for Big Oil

House Democrats will try to force a vote Thursday on a measure that would end a tax credit for the five largest oil companies, an effort capitalize on voter anger over spiking gasoline prices and strong first-quarter profits at large oil companies.

With the  measure to curb tax breaks, Democrats say they seek to create an awkward situation for lawmakers like Rep. Reid Ribble (R., Wis.). Mr. Ribble's spokesman told Washington Wire that the lawmaker would consider ending the breaks using standalone legislation, but won't  likely support the Democrats'  motion Thursday because it is a political gimmick, rather than serious legislation.

Numerous Republicans in recent weeks have said the billions in U.S. tax breaks should get a second look. That list includes Speaker John Boehner, Budget Committee Chairman Paul Ryan (R., Wis.), Sen. Jim DeMint (R., S.C.) and a slew of house members who went home for congressional recess. But most said they support addressing the breaks as part of corporate tax reform. They want to dramatically lower tax rates for all U.S. corporations, while ending tax breaks that benefit only specific industries.