A supercommittee fight

08/29/2011
Representatives of the US oil and gas industry should greet the new budget supercommittee in Congress with a preemptive offer. They should do so in the spirit of "shared sacrifice" evoked so frequently by politicians looking for cultural villains—millionaires, billionaires, oil companies—to tax. The magnanimity might earn some measure of respectability from the news media and public. The offer? Accept the change in percentage depletion proposed in the Close Big Oil Tax Loopholes Act of 2011. The percentage depletion allowance was among tax measures the act would have denied the five largest oil companies based in the US. Now, with the supercommittee beginning work soon, those co...
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