Tax Cut For Hugo? By INVESTOR'S BUSINESS DAILY
If there's anything more dumbfounding than the House's imposition of higher taxes on oil companies, thereby guaranteeing higher prices at the pump, it's the exemption voted for Venezuela's state oil firm.
It goes to show that Congress is more willing to empower dictators than to get serious about America's energy supply.
On the surface, H.R. 5321 is awful all by itself. Passing 236-182 last week, the bill scrapped the tax deduction routinely given to the major integrated oil companies — Exxon, Chevron, BP, Shell and ConocoPhillips — that helps them explore, extract, refine and market the energy that drives our economy.
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