The oil industry’s long record of success in defending its tax breaks faces new tests as lawmakers and the White House negotiate to avoid the “fiscal cliff.”
House Speaker John Boehner (R-Ohio) won’t rule out targeting oil-industry deductions in a broad deal to avoid the higher income tax rates and deep automatic spending cuts set to take effect in 2013.
“The details will have to be negotiated. Not going to speculate on what a final package may look like,” Boehner spokesman Kevin Smith told The Hill.
The Speaker is seeking a deal with the White House that would include new tax revenues without raising rates, a stance that has shifted the focus to the deductions and loopholes in the IRS code.