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Obama FY15 Budget Would Eliminate Oil Tax Provisions

Joao Peixe | Oilprice.com

04 Mar 2014

President Obama released his fiscal year 2015 budget on March 4, a $3.9 trillion package that includes a range of wish-list items in an election year. Among other things, the budget calls for the elimination of a range of tax breaks that benefit oil, natural gas, and coal companies.

The tax breaks amount to $4 billion annually, and eliminating them is a request that the President has called for multiple times over several years. Over ten years, if enacted, cutting the tax breaks would save $48.8 billion over ten years.

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