Mitt Romney: Cuts To Oil, Gas Tax Breaks 'On The Table'
Both presidential candidates are in favor of tax reform, they are just opposite eachother in ideaology and how that should be accomplished. Oil and Gas a particularly touchy subject here in the US, where energy independence has been at the forefront of the national wellbeing for a while now. President Obama is in favor of slightly lowering corporate taxes, and greatly lowering the $4 billion in reductions that oild and gas recieve. Romney is in favor of lowering corporate taxes across the board, and closing loopholes and lowering deductions. In lowering corporate taxes on energy companies, Romney says that reducing the $2.8 billion tax breaks that these companies receive will not be able to survive is the tax rates are lowered down to 25% as he proposes. The real dichotomy between Romney and Obama will be the green energy tax breaks, which to date, Obama has supported. Obama has supported $90 billion in tax breaks for wind and solar energy. Light portions of those breaks were continuations of Bush-era tax reductions, and a little bit of those breaks have not come yet, but are in place for the future.
Source - Huffington Post