Earth Equity News

White House Budget Would Kill Tax Breaks for Oil, Gas and Coal Industries. By Ben Geman, The Hill, February 1, 2010. "The White House calls for the end of nearly $40 billion in tax beaks for oil, gas and coal companies in its budget proposal released on Monday. The tax effort is sure to prompt outcry from industry groups, which have long argued that ending the subsidies will stymie investments in domestic energy production. The fiscal year 2011 budget plan calls for repealing $38.8 billion worth of tax breaks for oil, natural gas and coal companies over a decade, according to the White House. President Barack Obama's first budget plan a year ago called for cutting $31.5 billion in oil and gas industry incentives, including a repeal of the industry's ability to claim a lucrative domestic manufacturing tax break. Congress did not act on the proposals, which are opposed by a mix of Republicans and Democrats representing oil and gas-producing states. The call for ending the tax breaks comes after the White House signaled concessions to the oil and nuclear lobbies -- and their Capitol Hill allies -- in an effort to advance a bipartisan climate and energy bill."