Obama Seeks to End $46.2 Billion in Energy-Industry Tax Breaks Over Decade

[ProSense]

Source: Bloomberg

The Obama administration will seek to repeal $46.2 billion in tax preferences for the energy industry in the next 10 years, Energy Secretary Steven Chu said.

The president’s proposal would strip $3.6 billion in tax deductions for the coal, oil and natural gas industries in 2012, according to the comments Chu posted on his blog today.

The oil industry can easily absorb the higher taxes needed to fund increased renewable-energy investments, President Barack Obama said on Jan. 25. Cutting subsidies for fossil fuel production will help pay for $8 billion in “clean energy” spending, Chu wrote on his blog.

The Energy Department will also seek to cut the budget for fossil-fuel research by 45 percent, or $418 million, according to the posting.



Read more: http://www.bloomberg.com/news/2011-02-11/obama-seeks-to-end-46-2-billion-in-energy-industry-tax-breaks-over-decade.html

[Maine-ah]

1. I wonder if it's somehow going to be attached to the cuts

to the heating assistance cuts.

[Doctor_J]

2. This won't go anyhere

First of all he's only got 23 months left in office. Second, he should have done this while there was a Dem Congress. 3rd, Big Media and Hate Radio will scream that this is a "tax increase", and the prez will not contradict them.

[progressoid]

3. Yep,

not only will it be called a tax increase, we'll be told that the poor oil companies will have to make up the revenue by raising prices at the pump.

[ProSense]

5. Well,

Democrats can always compare these to the cuts Republicans will propose to the 2012 budget.

The GOP announced cuts of more than $60 billion to the 2011 budget alone, and without a doubt, ending tax breaks for oil companies wasn't included.

[onehandle]

4. How about ending them tomorrow and call it 'welfare reform.' nt

[Lorien]

6. + 1. Don't give repugs time to undo it

it's all just slick marketing otherwise.

[Name removed]

7. Deleted sub-thread

Sub-thread removed by moderator. Click here to review the message board rules.

[rocktivity]

8. why not in the next two years? THEN Obama would have something to run on!

So that they can get the same bailout the financial and health insurance industries got? Is the the treasury looting not complete?

:crazy:
rocktivity

[saras]

9. When business is finished editing...

Probably what we'll end up with is

Money for alternative fuels research will be cut
Money for alternative energy, conservation, etc. will be cut.
Most of the cuts will hit the most progressive research, and alternatives that benefit the lower-income brackets.
The largest companies will get as much money as they do now, or something close to it.