Earlier this week Senate Republicans voted unanimously against an amendment that would have offset the revenue loss associated with repealing a controversial proposal in the health care bill by raising taxes on oil and gas companies.
This amendment included a number of tax increases, the most important of which would have the effect of (1) raising the corporate tax rate on oil and gas companies by denying them a more favorable rate than other manufacturers pay, and (2) reduce oil and gas companies' ability to claim a credit against foreign taxes paid for purposes of calculating their U.S. tax burden.
This vote is the best indicator that a tax "Obamination" on the industry will have little chance of becoming law in the next year to two years.
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