GOP Blocks Measures Boosting Taxes on Oil Companies' Profits

GOP Blocks Measures Boosting Taxes on Oil Companies' Profits: "Provisions Passed by Senate Would Raise About $5 Billion | By Jonathan Weisman | Washington Post Staff Writer | Wednesday, April 26, 2006; Page A06

While Republican leaders sharply criticize soaring gasoline prices and energy industry profits, GOP negotiators have decided to knock out provisions in a major tax bill that would force the oil companies to pay billions of dollars more in taxes on their profits.

House and Senate tax writers have been struggling to reach an accord on separate tax bills approved last year to extend some expiring tax cuts enacted during President Bush's first term. But House Republicans have raised strong objections to Senate-passed provisions that would raise nearly $5 billion in taxes over five years -- primarily by changing arcane accounting rules that have allowed oil companies to substantially lower their tax bills, according to House and Senate tax aides familiar with the talks." ...