Several Senate Democrats introduced legislation to the House floor which would eliminate the tax breaks given to major oil companies. The proposals to repeal the tax breaks come amid the continuously rising gas prices and the record profits the oil companies have made in the first quarter of this year. The revenue generated would be close to 42 billion and be used to pay down the federal deficit.
The oils companies maintain the rise in gas prices is out of their control, but many say major increases in their profits prove otherwise. Oil companies affected, also state that losing their tax breaks would mean the price of gasoline would go even higher. The fact is that the oil companies receive many different tax breaks and subsidies that some received tax refunds instead of actually paying any taxes last year.
No one wants to pay taxes, but the reality is they are necessary to maintain a government an all the things we as Americans may take for granted like education, police, and rescue forces, just to name a few.
Paying a tax bill can be difficult for a small business or an individual just struggling to make ends meet. If you can’t pay your taxes, the IRS will apply steep fines and penalties. In order to reduce these penalties a tax attorney can be acquired by the delinquent payer. Though you won’t be able to get your tax bill forgiven, it is possible to reduce the owed amount and end collection efforts when a tax lawyer is retained.
