Democrats List Possible Corporate Tax Breaks to Eliminate

Oil and gas subsidies, breaks for corporate jets among the options.

Democrats gave Republicans a “menu of options” for phasing out tax expenditures benefiting corporations as part of a series of debt-reduction negotiations led by Vice President Joe Biden, said Maryland Representative Chris Van Hollen, a Democratic member of the bipartisan negotiating group.

During today’s meeting, talks centered on how to control the debt long-term through caps on the budget deficit that could include automatic spending cuts and higher taxes to control its rate of growth, which Democrats favor, Van Hollen said. Republicans favor dollar-specific spending caps.

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