Obama keeps pledge to end oil tax incentives in 2012 budget request

02/21/2011
Nick SnowWashington EditorThe White House followed through on US President Barack Obama's promise to eliminate oil and gas incentives and preferences with a fiscal 2012 federal budget request that would increase direct taxes on the industry by an estimate $3.472 billion next year and $43.612 billion over 10 years. US producers and refiners operating internationally also would pay an additional $532 million in fiscal 2012 and $10.758 billion during 2012-21 under modified rules for dual-capacity taxpayers under the foreign tax credit."As the bipartisan fiscal commission concluded, the only way to truly tackle our deficit is to cut excessive spending wherever we find it—in domesti...
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