Toss Oil, Gas Tax Breaks Off Fiscal Cliff, House Dems Say

Law360, New York (December 6, 2012, 5:40 PM EST) -- Any agreement between President Barack Obama and congressional Republicans that resolves the so-called fiscal cliff must include the elimination of billions of dollars of tax breaks and other loopholes for the oil and gas industry, Democrats in the U.S. House of Representatives said Thursday.

In a letter addressed to Obama and House Speaker John Boehner, R-Ohio, 71 House Democrats said the tax subsidies supporting the oil and gas industry — an industry in which the five largest oil companies reaped $137 billion in profits last year...
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