The other tax fight

Congressional Republicans insist their compromise allowing the US to evade widespread tax increases means the fight is finished over taxation in general. Oil and gas companies should expect otherwise. To ensure extension of Bush-era tax cuts, Republicans agreed to let rates increase on incomes of the wealthiest taxpayers. For lawmakers inclined not to raise tax rates in a weak economy, this was a major concession. It was all the more so in a deal that delayed major action on federal spending, cuts to which many Republicans usually make a condition of tax hikes. Fight to resume The fight over spending will resume when Congress turns to the tough issues of borrowing limits and automatic cut...

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