Levin: Rein in Tax Incentives for Big Five
Statement
Issues: Oil and Gas Taxes
Ways and Means Ranking Member Sander Levin (D-MI) today made the following statement after Speaker Boehner's acknowledgement that it is necessary to curb oil subsides:
"I am pleased that Speaker Boehner has indicated that Big Oil is going to pay its "fair share in taxes.' We need an equitable tax system. As part of this, repealing the three largest tax breaks for the Big Five oil companies -- which together recorded profits of $77 billion last year alone -- would raise over $3 billion a year. More than a billion dollars a year of that comes from one tax break -- a domestic manufacturing incentive -- enacted under the last Republican Majority that should have never benefited the Big Five in the first place."
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