In a crass and obvious political ploy Harry Reid and company are all of a sudden worried about the deficit. When you talk about cutting spending, the deficit is no big deal but if you can raise taxes in the name of deficit reduction, Harry and his cronies are suddenly deficit hawks to put Paul Ryan to shame! I assume many people will be taken in by this ploy because of the successful class warfare campaign waged by the Left and their lackeys in the "mainstream media".
Having said that, I am actually in favor of revoking the oil tax breaks. The less tinkering the Federal government does with the private sector, the better. However I have a proposal that should make everyone happy (but you can be sure liberals won’t like it).
So here is what I propose: tie the cuts in oil company tax breaks to the opening of more areas for drilling. As the Federal government opens up more licenses for oil companies to engage drilling and exploration, getting out of the way of the private sector, their tax breaks are revoked. The oil companies get more places to drill oil and the government gets more revenue.
That is a win-win of the highest order. We increase revenue by $21,000,000,000, although as anyone who watches Washington knows we would need to watch the Congress closely because any new revenue is always seen as money to spend. On the other side we get more oil exploration and drilling which increases the GDP, helps make America more energy efficient and would employ thousands of American workers in high-paying blue collar jobs with good benefits and take many workers off the the unemployment rolls where they are draining resources and add them back to the tax payer rolls which increases revenue and thereby lowers the deficit.
You can’t lose!
Anyone think a single Democrat would sign on to this?