Senate Bill Gives Giant Tax Break to Big Oil | A provision inserted by Sen. James Lankford (R-OK) would exempt many domestic oil and gas drillers from having to pay any corporate taxes.

silence7@slrpnk.net · 13 days ago

Senate Bill Gives Giant Tax Break to Big Oil | A provision inserted by Sen. James Lankford (R-OK) would exempt many domestic oil and gas drillers from having to pay any corporate taxes.

doortodeath@lemmy.world · 13 days ago

The CAMT weakens that deduction by requiring drillers to pay some tax, but the Lankford bill would effectively apply the deduction to the CAMT directly, taking many drillers below the threshold of qualifying for minimum taxes. “We need to be able to get some relief to them so they’re not constantly worried about it,” Lankford said in a CNBC appearance in January.

The audacity…