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News Brief

May 11, 2011MARYVILLE, MO |  By: Wayman

Gas Company Taxes

Missouri senator Claire McCaskill is sponsoring a federal bill that aims at ending tax breaks for the world's 5 largest oil and gas companies.

The senator calls them the most profitable in the world, and the move would end 2 billion dollars in tax breaks. McCaskill rejects the idea the ultimate impact would be higher pump prices to replace the lost tax credits. McCaskill says the tax breaks must end to reduce the nation's deficit and predicts the idea will make it to a vote in the senate.