H.R. 5351: Renewable Energy and Energy Conservation Tax Act of 2008 (On Passage)
Passed 236-182, 11 not voting. 96% of Democrats supporting, 92% of Republicans opposing.
Only 17 House Republicans voted with the majority to cut the tax breaks for the petroleum industry. The bill stops $13 billion in tax breaks for 5 of the largest petroleum companies operating in America, including Exxon Mobile which made profits of $14 billion last quarter.
This saved revenue will be used to boost incentives for wind and solar energy and energy efficiency.
Seven of the 8 Democrats who voted to continue the tax breaks come from oil states.
Not surprisingly, the Bush administration, Republican lawmakers and big oil companies condemned the bill, which they said would raise fuel prices for consumers, discourage oil and gas exploration in the United States and unfairly discriminate against a single industry while other manufacturers continue to enjoy tax breaks.
Funny stuff. Always a good laugh when the GOPers try to scare the citizens with their spin on corporate welefare. The only question is this: will the dumbed-down citizens fall for it once more?
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