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MEET THE NEW ENERGY BILL, JUST LIKE THE OLD ENERGY BILL
December 06, 2007
Congressional Democrats issued their new Energy Bill yesterday. This shows how a change of parties in Congress can really accomplish something. Where the last energy bill from a Republican Congress was a hodgepodge of tax credits directed to politically-powerful constituencies, the Democrats have instead proposed a hodgepodge of tax credits directed to politically-powerful constituencies.
The bill proposes to pay for the giveaways by punishing the oil industry, repealing the Sec. 199 deduction for oil companies. I'm all in favor of repealing the moronic Sec. 199 deduction, but not just for a few, and not just to replace it with equally foolish targeted tax breaks.
The Tax Prof has the link-rich roundup.
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