Lamnidae

Good for Sen. Baucus. In a Capitol Hill press conference today, Sen. Baucus and other Senate Democrats announced a plan to roll back $17 billion in tax breaks director to major integrated oil companies. At the conference Sen. Baucus said, “Consumers are being hit hard as energy soar through the roof while the big oil companies continue to get billions and billions in tax breaks from the federal government and that’s not right.” He continued, “I’m here to stand up for consumers and to crack down on those who are already living high on the hog.”

This of course comes in the wake of simultaneous record oil prices and windfall profits for major oil producers. With Americans hurting at the pump and every time they take out the checkbook to pay the heating bill, this is no time to be subsidizing the most profitable companies in history. Not only would the new measure remove up-front deductions for petroleum producers, but it would also tighten tax loopholes involving foreign-source income.

Not a day too soon if you ask me. I’ll revisit this topic when I can find some documentation of the proposed legislation.

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