Skip to comments.Oil tax increase would help pay to clean up spills(Dems create another slush fund for envirowachos)
Posted on 05/25/2010 5:38:31 AM PDT by bestintxas
WASHINGTON (AP) - Responding to the massive BP oil spill, Congress is getting ready to quadrupleto 32 cents a barrela tax on oil used to help finance cleanups. The increase would raise nearly $11 billion over the next decade. The tax is levied on oil produced in the U.S. or imported from foreign countries. The revenue goes to a fund managed by the Coast Guard to help pay to clean up spills in waterways, such as the Gulf of Mexico.
The tax increase is part of a larger bill that has grown into a nearly $200 billion grab bag of unfinished business that lawmakers hope to complete before Memorial Day. The key provisions are a one-year extension of about 50 popular tax breaks that expired at the end of last year, and expanded unemployment benefits, including subsidies for health insurance, through the end of the year.
The House could vote on the bill as early as Tuesday. Senate leaders hope to complete work on it before Congress goes on a weeklong break next week.
Lawmakers want to increase the current 8-cent-a-barrel tax on oil to make sure there is enough money available to respond to oil spills. At least 6 million gallons of crude have spewed into the Gulf of Mexico since a drilling rig exploded April 20 off the Louisiana coast.
(Excerpt) Read more at breitbart.com ...
” NO MORE TAXES” !!
I now know how Sam Adams and the Sons of Liberty felt.
Has anybody in the administration called Haliburton? Under a previous administration , this is a problem the Vice President would have solved by now.
any hope of the 41 holding together on this?
I does make for a sick “excuse” for why MaObama did not act for over 2 weeks, and they have used it to the hilt.
Now, they will OVER react to every drop or spill that hits the water, which will cost us taxpayers much much more than they claim here. They will buy new equipment and expand the agency and go on patrol for oil on the high seas. Against an industry that has had extremely few spills of this type. Especially offshore.