Wednesday, June 09, 2010

Senate Plan For Oil Company Tax Has Sparks Flying

Yesterday, Democrats in the Senate unveiled legislation aiming to increase taxes on oil companies, and provide tax breaks for individuals, businesses, and the unemployed. The huge measure is already drawing criticism from conservative members of congress that do not approve of the $60 million tax increases included in the legislation.

The bill contains many long-pending provisions, including the renewal of dozens of popular tax breaks for individuals and businesses.

Many elements of the bill, like the tax cuts and further unemployment benefits for people out of a job for more than six months, enjoy broad support. But Republicans generally oppose the measure’s nearly $60 billion in tax increases.

Even with those levies — on investment fund managers, oil companies, and some international businesses, among others — the measure would add about $80 billion to the deficit over the next decade, congressional analysts said.

It closely resembles a bill the House passed last month, with a handful of exceptions.

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