Tax Tyranny

A provision attached to the Budget Reconciliation Bill (H.R. 4297) being debated in Congress would make it harder for U.S. oil producers to compete in the global marketplace. It's not the windfall profits tax -- a large bipartisan majority in both the House and Senate defeated that misguided attempt to "punish" oil companies for price increases brought about by high global demand and shrinking world supplies. But this latest effort to eliminate the foreign tax credit would have a similar outcome: a heavier economic burden on American oil producers to meet our energy demands, and a competitive disadvantage with the rest of the world.