Democrats go following oil giants' tax breaks
Both political parties sought to capitalize on populist anger at surging gasoline costs Tuesday, as Senate Democrats unveiled a plan to slash a suite of tax deductions for the nation???s five greatest oil organizations and Republicans pushed legislation to speed up offshore drilling. The Senate launched debate on the Democrats??? proposal to raise $21 billion over the next 10 years ?a and dedicate that income to cutting the federal deficit ?a by barring key oil companies from claiming several tax deductions and credits.
The Republican-controlled Home of Representatives moved in a diverse direction by beginning deliberations on legislation that would give federal regulators a 60-day window to decide no matter whether to grant offshore drilling permits. Democrats pitched their plan to slash large oil companies??? tax breaks as a common-sense way to trim the federal deficit,wholesale from china, which Republicans are eager to accomplish by paring government spending.
The bill takes aim at BP, Exxon Mobil Corp.,wholesale nike air shox, Shell Oil Co., Chevron Corp. and ConocoPhillips. ???It???s time for the Huge Five to do the proper thing for a alter and pay their fair share,??? said Sen. Robert Menendez,wholesalers, D-N.J., the lead sponsor. ???We all need to tighten our belts, such as oil businesses.???Republicans and some oil-patch Democrats argued that the bill would curb domestic oil and gas development and ultimately hike energy expenses for consumers.
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