Politics: Democrats take on big oil companies over tax subsidies
- Businesses should make a profit — that’s what drives the economy — but do these very profitable companies actually need taxpayer subsidies? Energy incentives should help us build the energy future we want to see — not pad oil company profits.
- Senate Finance Chairman Max Baucus • Speaking during a Congressional hearing about big oil profits and tax breaks. The oil industry’s answers during the hearing were predictable. Here’s Chevron’s CEO, John Watson: “Tax increases on the oil and gas industry — which will result if you change long-standing provisions in the U.S. tax code — will hinder development of energy supplies needed to moderate rising energy prices.” So, who’s right, Max or the oil industry? We’re guessing Max is. source