House Democrats Target $40 Billion in `Big Oil’ Tax Breaks

Bloomberg reports that U.S. House Democrats are seeking to end tax breaks for oil companies.

The market news is quoted as saying:

The bill, which needs support from Republicans who run the House, would repeal 10 tax breaks and subsidies, targeting the largest producers. It would rescind a tax break for domestic manufacturing, a credit to spur production of “marginal” wells and a policy that credits companies for taxes they pay overseas.

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