Oil Breaks to Be Tax Targets for New Committee
Source: Bloomberg, Richard Rubin††(8/1/11)
"The next deficit-reduction talks to raise taxes for oil companies will face opposition from Republicans who have the procedural power to stop them."
Democrats seeking to use the next phase of deficit-reduction talks to raise taxes for private equity managers, oil companies and high-income earners will face continued opposition from Republicans who will have the procedural power to stop them.
The debt-limit bill headed for final passage in the Senate today would empower a 12-member committee of lawmakers to seek $1.5 trillion in deficit cuts, with a Dec. 23 deadline for congressional action. Democrats, who didnít get any revenue increases in the debt ceiling compromise Congress is considering, are likely to return to their previous proposals, said Representative Chris Van Hollen of Maryland, the top Democrat on the House Budget Committee. . .View full article