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Senate Moves to Bill Repealing Oil Subsidies

May 17, 2011 - by Donny Shaw

The Senate is set to begin debate this afternoon on the Close Big Oil Tax Loopholes Act. The bill repeal five tax breaks that Congress has enacted over the years to encourage oil companies to drill off of America's shorelines, and it would close a loophole that U.S. oil companies have been using to disguise foreign royalty payments as taxes and deduct them from their domestic tax bill. All savings would be used to balance the budget and pay down the debt. Despite expert analysis showing that the bill would not increase gas prices and may actually increase domestic oil production, Republicans are planning to vote against it. 

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