You'd think that with the polls showing the administration is taking the blame for higher gasoline prices, the White House economic team would come up with something better to say to the American people than let's raise energy taxes by eliminating business deductions that historically have helped encourage domestic production. The president laid down his marker this week in a letter to congressional leaders, calling for the elimination of tax breaks he says are worth $4 billion a year. The New York Times reports the administration is targeting a deduction for intangible drilling costs and the oil and gas depletion allowance. Don't be surprised if it looks at other provisions as well.
How does the public feel about this? Let's have a listen:
Over the next few days we'll look at some of t... more »