Tuesday, July 5, 2011

Will the White House Call Their Bluff?

Politico Arena Topic: Do Oil Companies Deserve Tax Breaks?

Eliminating tax loopholes has to be part of the equation if the Obama White House and Democrats are going to agree to cut spending as part of a debt ceiling/deficit reduction agreement. Groups like the Club for Growth will howl that elimination of tax loopholes is equivalent to raising taxes. It’s not. The average American tax payer doesn’t have the luxury of benefitting from loopholes. But Big Oil does and their $38 billion in profits for the first three months of 2011 at a time when Americans can barely afford to fill up their gas tanks is an indication that things are way out of balance.

Cutting of domestic spending will no doubt affect middle and working class folks. Elimination of tax loopholes would largely impact upper class folks and Corporate America. Shouldn’t the sacrifice be spread out? If Republicans choose to draw a line in the sand and stand with Big Oil, hedge fund managers, and corporate jet owners, the majority of the American public will stand on the other side of that line. Democrats and the Obama White House know they have the upper hand. But will they call their bluff?

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