In my column in Sunday’s News Sentinel, I supported elimination of the $4 billion in annual tax subsidies enjoyed by the oil industry. It would be a good start toward solving the financial crisis facing the federal government.
My suggestion prompted a call from a spetical reader who wanted to know specifically what tax breaks the oil industry enjoys that aren’t available to other industries.
It’s a good question and I appreciate the call. I was referring to tax breaks of various kinds, some are specific to the oil business and some are also available to other kinds of companies.
For the most part, Sen. Bob Corker stuck to Republican talking points when he spoke today to the Knoxville Economics Forum.
The first-term Tennessee Republican said the fiscal crisis the nation faces requires tax reform, entitlement spending cuts and otherwise slashing the size of federal government.
And he made standard Republican cracks about health care reform, Dodd-Frank and the Environmental Protection Agency.
However, he made some in the mostly friendly audience squirm when he suggested a few tax reform specifics.