Yesterday CNS News posted an article about the White House’s plan to end the tax breaks oil companies currently receive. Obviously, this will increase the tax burden on the oil companies. As I have previously stated–corporations don’t pay taxes–they simply pass them on to the consumer. Guess what? This is a recipe for even higher gas prices at the pump.
The article reports:
“From our perspective, it’s a fairness issue,” Zichal (Heather Zichal, deputy assistant to the president for energy and climate change) said. “At a time when we’re making difficult decisions about the budget and where to make investments and where to cut, the fact that oil and gas companies are making record profits and at the same time getting $4 billion in subsidies annually, those subsidies should be repealed. The president has called for that, and I believe the Senate will be acting to vote on this as well.”
What about fairness to the consumers who need to gas to get to work?