TAX WHAT YOU DON'T WANT:

Senate Democrats Target Tax Breaks for Big Oil (TENNILLE TRACY, 5/10/11, WSJ)

The oil industry has warned that gasoline prices would climb even higher and U.S. energy production would decline if the companies' tax incentives are removed. [...]

The bill would modify a foreign-tax provision that allows the companies to receive a tax credit for every dollar of taxes they pay to foreign governments. The measure also would repeal a popular tax deduction known as the 199 deduction, which allows companies to deduct a certain percentage of their income.

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