HILLARY IS LIAR (just like you UnAmerican Spirit):
Oil Slick
Clinton wrongly claimed that the Bush-Cheney administration had increased tax breaks for the oil industry:
Clinton: First of all, I have proposed a strategic energy fund that I would fund by taking away the tax break for the oil companies, which have gotten much greater under Bush and Cheney.
Actually, the highly publicized energy bill the president signed in 2005 raised taxes slightly on the oil industry as a whole, according to the nonpartisan Congressional Research Service:
Congressional Research Service: The Energy Policy Act of 2005 (EPACT05, P.L. 109-58) included several oil and gas tax incentives, providing about $2.6 billion of tax cuts for the oil and gas industry. In addition, EPACT05 provided for $2.9 billion of tax increases on the oil and gas industry, for a net tax increase on the industry of nearly $300 million over 11 years.
It’s true that many generous subsidies were proposed and debated, but those were stripped out before the bill was passed in the midst of rising oil prices. As we reported last year, the bill as it was passed contained $14.3 billion in tax breaks, but the bulk of the cuts went to electric utilities, and nuclear, and also to alternative fuels research and subsidies for energy-efficient cars, homes and buildings – not to the oil industry. And as the CRS notes, the breaks that the oil and gas industry received were more than offset by tax increases contained in the same measure.
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