U.S. Senate Democrats are going after the oil companies, which enjoy huge profits. The senators want to cut off taxpayer subsidies to the oil industry. According to Sen. Harry Reid (D-Nevada), closing tax loopholes for the five largest oil companies would yield roughly $2 billion a year in savings to be applied to lowering the deficit. Smaller producers would be excluded under the Democrat plan.
If Congress removed oil companies’ eligibility for a manufacturing tax break that effectively lowered their corporate tax rates—from 35 percent to 32 percent. The repeal would save $18 billion.
The most recent quarterly profits from the five largest oil multinationals totaled $35.8 billion—–that’s only for three months.
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