politics
Top Democrat Proposes Killing Tax Breaks for Overseas Oil Production
Gas prices in the U.S. averaged $4.06 per gallon on Thursday — a major source of voter discontent heading into November's midterm elections.
TL;DR
- Senator Martin Heinrich is proposing a bill to end U.S. tax breaks for oil and gas companies with overseas operations.
- The bill targets preferential tax treatment for foreign oil and gas extraction income.
- It seeks to treat overseas fossil fuel profits similarly to other foreign business income.
- The proposal also aims to close loopholes allowing companies to claim excess foreign tax credits and misclassify payments to foreign governments.
- This comes amidst record profits for major oil companies and rising gasoline prices, which President Trump has publicly addressed.