House Democrats plan to force a vote on an amendment today that they claim would cut “subsidies” to “Big Oil.” In reality, their legislation would repeal a domestic manufacturing tax credit available to all maufacturing firms, but only for the five largest oil companies. The measure would do nothing to lower gas prices and would only net $12.5 billion in more taxes over ten years.
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By:
Carter Wood
02/14/11 10:29 PM
In the modern mainstream media world in which Big Oil is always the offender, the storyline was perfect. Impoverished and dying, native people from Ecuador sued Chevron — which is based in the Bay Area — to force the company to clean up the environmental catastrophe its oil operations had left in the Amazonian jungle. The $113 billion in damages would pay for compensation, health care and clean water.
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According to Politico, Democrats in Washington DC are looking to “strip the oil industry” of “tax breaks and financial incentives” to the tune of anywhere from $20 billion to $52.6 billion over ten years. But let’s be honest folks. This is a big, fat tax hike. And it won’t be the oil industry footing the bill, but rather the already beleaguered American economy.
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URL: http://www.sfexaminer.com/topics/big-oil
