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McCain amendment rejected



By Upstream staff 

The US Senate today overwhelmingly rejected an amendment to a corporate tax bill that would have stripped billions of dollars in energy tax breaks from the bill.

The amendment's author, Senator and former Presidential candidate John McCain (R-Arizona), argued the oil and gas industry was profitable and did not need the tax breaks to encourage oil and gas drilling.

Opponents argued the tax incentives would help create jobs, Reuters reported.


Tuesday, 11 May, 2004, 22:23 GMT  | last updated: Thursday, 28 April, 2005, 14:25 GMT

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