Oil chief slams extender bill

The Senate bill increases the Oil Spill Liability Fund tax to 41 cents a barrel, up from 34 cents in the House-passed version. It also reduces the tax increase on “carried interest” compared to what passed the House.

The term describes income to investment managers that is currently taxed at capital gains rates. Lawmakers want to tax it at ordinary income rates, which are much higher.

The House extender bill taxes 25 percent of carried interest at capital gains rates, and the remaining 75 percent at ordinary rates. The Senate bill eases that burden by taxing 35 percent of carried interest at capital gains rates, and 65 percent at regular rates.

Drevna argues these changes put Wall Street ahead of Main Street, because the general public will effectively be responsible for footing the bill for the spill tax increase since oil companies will just pass the cost along.

“Members of the Senate should put the needs of American families, farmers and truckers ahead of the interests of Wall Street and work to defeat this misguided proposal,” said Drevna, who outlined his concerns in a letter to the Senate.

The Senate is expected to pass the extender bill next week, at which point it returns to the House, where lawmakers must approve Senate changes to the bill.