Sunday, July 24, 2011

Big Corp Tax Loophole Closer #15: Repeal Manufacturing Tax Deduction for Big Oil Corps

Presently, US Big Oil Corps are allowed to claim annually a Section 199 Manufacturing Tax Deduction.

My proposal is to repeal Section 199 for all Big Oil Corps, starting in 2011.

The amount raised here by the US Government, which is pretty significant in amount, should be used to reduce the US Deficit.