Should Congress repeal tax breaks that the oil and natural-gas industry has had for the better part of the last century?
In recent weeks, two of Washington's most prominent Republicans--GOP presidential nominee Mitt Romney and House Energy and Commerce Committee Chairman Fred Upton, R-Mich.--have explicitly said that at least some oil and gas tax breaks would likely be eliminated as part of overall corporate tax reform that Congress hopes to tackle next year. Most congressional Democrats and President Obama, meanwhile, have called to eliminate most oil and gas tax breaks for at least the last four years.
How should Washington consider this sector's tax breaks as part of policymakers' call for broad corporate tax reform? Should just certain tax breaks for the industry be repealed while maintaining others? Or should the industry's federal tax treatment remain the same?