Energy industry groups fight to keep tax breaks

During the presidential debates, both candidates expressed openness to ending billions in tax breaks for the oil industry.

“But, you know, if we get that tax rate from 35 percent down to 25 percent, why, that $2.8 billion is on the table,” Republican candidate Mitt Romney said during one debate. “Of course it’s on the table. That’s probably not going to survive you get that rate down to 25 percent.”

“The oil industry gets $4 billion a year in corporate welfare. Basically, they get deductions that those small businesses that Governor Romney refers to, they don’t get,” President Obama said in that same debate. “Why wouldn’t we want to eliminate that?”

FuelFix reports that, Obama’s 2013 budget proposed about $40 billion in tax increases over 10 years that focuses on large energy companies and independent producers.

“Americans deserve to hear about energy from energy producers,” Johnson said. “Energy is an engine of revenue for our nation. Eliminating our deductions is a tax increase and should be treated as such.”

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