Obama keeps new oil, gas taxes in final 2010 budget

05/18/2009
US President Barack H. Obama released his final fiscal 2010 federal budget on May 7. It included $31.5 billion of new oil and gas taxes over 9 years that were part of the original request he submitted to Congress in February.Collections would begin in fiscal 2011. The White House projects that through 2019, total revenues would reach $13.3 billion from denying oil and gas companies the tax deduction available to other US manufacturers, $8.3 billion from repealing the percentage depletion allowance, and $5.3 billion from placing an excise tax on new Gulf of Mexico production.Another $3.3 billion would come from repealing expensing of intangible drilling costs, $1.2 billion from increasing ...
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