Oil Tax Increase Mulled; More Hearings on Spill

WASHINGTON (AP) - The House may vote today on a massive package of tax cuts and spending that includes a big jump in the tax on oil.

The roughly 200 billion dollar package would extend jobless benefits and health insurance subsidies for those out of work. It would also extend some popular tax breaks that expired at the end of last year.

And with frustration growing over the ongoing oil spill in the Gulf of Mexico, the measure includes a quadrupling of the tax on oil, from 8 cents a barrel to 32 cents. It would raise nearly $11 billion over the next decade to be used to pay for cleaning up spills.

Elsewhere on Capitol Hill today, hearings on the oil spill focus on the government's response, as well as liability and financial responsibility for what's expected to be a massive environmental impact.

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  • by Joey Location: dothan on May 25, 2010 at 06:44 AM
    What a scam. They're already telling BP they have to pay for the whole mess. Now they're wanting to tax anyone who drives a car or uses electricity by quadrupling the tax on a barrel of oil.(Oil companies increased costs are payed by the consumer through price increases.)If each oil company has to pay for the cleanup of their own mess, what's the point of the tax? The government needs to lower taxes, not raise them. They cant spend the money they already get responsibly. They certainly dont need more of our money to waste. If they were truly public servants they woudnt even take salaries. Barrack Obama was right about one thing. We need change. But we need to make that change by voting out ALL incumbents, especially the ones in the two major parties. They've controled our goverment for over a hundred years. NOw the parties seem to control us instead of us controling our government.
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