Oil Tax Hike Fails Senate

CNN: Collins Admits That Law Would Not Reduce Gas Prices

Three oil state Democrats joined Senate Republicans in voting down a measure to change the tax code regarding the taxes that oil companies pay. Democrats on Capitol Hill have stayed on message that the measure would "end subsidies to high profit oil companies", although there is some question whether the oil companies benefit from the subsidies at all. There is no question however, that ending the so-called subsidies would not lower gas prices for consumers, nor that any tax hike would been passed down to consumers. Mary Landrieu D-LA, Ben Nelson D-NE and Mark Begich D-AK all stood against their caucus to defend the current tax code. Two Republicans also crossed the aisle. Maine moderates Susan Collins and Olympia Snowe joined the Democrats in voting to change the law.

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Posted by Nick Stone on 8:39 AM. Filed under congress, energy, Nation, Senate, tax . You can follow any responses to this entry through the RSS 2.0