22 Feb '13, 7pm

Pipeline companies will get a $7 billion tax break through 2016

Pipeline companies will get a $7 billion tax break through 2016

There are people in Washington, D.C., right now scratching their heads and writing memos and trying to figure out how on earth we might possibly avoid budgetary doomsday, the sequestration that will lop some $1.2 trillion out of the federal budget over the next decade. Again, this is only happening because Congress tried to threaten itself. It’s like you threatening to rob yourself by holding a gun to your head and then trying to figure out how to keep from being robbed. But while all of this is happening, something else is going on in Our Nation’s Capital™: Pipeline companies are getting an even larger tax break than expected. From Bloomberg : A tax break used by oil and gas pipeline companies such as Kinder Morgan Energy Partners LP (KMP) will cost the U.S. government $7 billion through 2016, about four times more than previously estimated, Congress’s tax scorekeepers sa...

Full article: http://grist.org/news/pipeline-companies-will-get-a-7-bil...

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