The broader tax threat

In its fight against prejudicial tax increases, the US oil and gas industry receives welcome support from business in general. A populist assault on oil and gas threatens interests far beyond the targeted industry. And the threat reaches far beyond superficial costs. The latest attack comes in a Senate bill introduced by Robert Menendez (D-NJ). The measure would hit the five largest oil and gas companies with tax changes proposed in budget proposals from the Obama administration, using the new tax revenue to fund nonfossil energy. The Senate was to have voted on the bill on Mar. 29, after this writing. Nearly identical bills have emerged before and failed. This one, even if passed by the ...

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