The disparity between the rising gasoline import prices and the increasing gains by the big oil companies has definitely brought a great deal of discontent among U.S. citizens. It would appear that the tax breaks enjoyed by these top oil firms aren't translating whatsoever to reduce gas costs but rather, works to push their profits. Get more info about oil companies via http://alcusfuel.com/.
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Proposal to Curb Tax Breaks
Most recent is a proposal by Sen. Robert Menendez to have several tax breaks to the top 5 oil companies, namely Exxon Mobil, Chevron, BP, Shell, and Conoco Phillips, removed. According to the proposal, the tax breaks to be targeted for elimination included the national production tax deduction and the deduction for the taxes remitted to foreign authorities.
As anticipated by many political and tax analysts, the proposal failed to raise the needed 60 votes and obtained a vote of 52-48, 8 votes short of what was demanded. This loss came despite the support of House Speaker John Boehner, who stated in an interview that the decrease on tax breaks for some of the oil companies was long overdue.
Analysis of Voting Lines
All the 52 votes that went towards supporting the proposal originated from the Democrats, with the addition of 2 Republican votes from Senator Susan Collins and Senator Olympia Snowe. On the other hand, the 48 votes that voted against the proposition were Republican votes with the addition of 3 Democrats namely Sen. Ben Nelson (NE), Sen.