Obama proposes end to oil, gas industry tax breaks [View All]

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Obama proposes end to oil, gas industry tax breaks


By H. JOSEF HEBERT,
Associated Press Writer
Thu May 7, 6:15 pm ET


WASHINGTON – President Barack Obama wants to end $26 billion in oil and gas industry tax breaks, calling them "unjustifiable loopholes" in the tax system that other companies do not get.

Obama's proposed fiscal 2010 budget, details of which were released Thursday, also more clearly spells out his intention to shut down a proposed nuclear waste dump at Yucca Mountain in Nevada and calls for ending a government subsidy that helps utilities license and plan for new nuclear power plants.

The oil and gas industry tax breaks have often been targeted by congressional Democrats in recent years, but they have not been able to muster enough votes to rescind them. Most Republicans and the Bush administration vigorously defended the tax benefits, saying they're needed to boost domestic oil and gas development.

In the budget statement, Obama said the tax breaks, which are expected to save the oil and gas industry more than $26 billion over the next 10 years, are "unjustifiable loopholes ... costly to the American taxpayer and do little to incentivize production or reduce energy prices."

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