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Provisions Passed by Senate Would Raise About $5 Billion

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  • Jahnets
    The broader negative consequences are electric cars... for them... http://www.washingtonpost.com/wp-dyn/content/article/2006/04/25/AR2006042501 738.html GOP
    Message 1 of 1 , May 2, 2006
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      The broader negative consequences are electric cars... for them...


      http://www.washingtonpost.com/wp-dyn/content/article/2006/04/25/AR2006042501
      738.html


      GOP Blocks Measures Boosting Taxes on Oil Companies' Profits
      Provisions Passed by Senate Would Raise About $5 Billion
      By Jonathan Weisman
      <http://projects.washingtonpost.com/staff/email/jonathan+weisman/>Washington
      Post Staff Writer
      Wednesday, April 26, 2006; Page A06
      While Republican leaders sharply criticize soaring gasoline prices and
      energy industry profits, GOP negotiators have decided to knock out
      provisions in a major tax bill that would force the oil companies to pay
      billions of dollars more in taxes on their profits.
      House and Senate tax writers have been struggling to reach an accord on
      separate tax bills approved last year to extend some expiring tax cuts
      enacted during President Bush's first term. But House Republicans have
      raised strong objections to Senate-passed provisions that would raise nearly
      $5 billion in taxes over five years -- primarily by changing arcane
      accounting rules that have allowed oil companies to substantially lower
      their tax bills, according to House and Senate tax aides familiar with the
      talks.
      House Majority Leader John A. Boehner
      <http://projects.washingtonpost.com/congress/members/b000589/> (R-Ohio) made
      it clear yesterday that the leadership would only go so far in punishing an
      industry enjoying record-breaking profits if that punishment could have
      broader negative consequences. In January, Exxon Mobil Corp.
      <http://financial.washingtonpost.com/custom/wpost/html-qcn.asp?dispnav=busin
      ess&mwpage=qcn&symb=XOM&nav=el> alone reported the highest corporate profit
      in U.S. history: $10.71 billion for the fourth quarter of 2005 and $36.13
      billion for the entire year.
      see link above for whole article...


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