By Andrew Restuccia - 05/17/11 06:29 PM EDT
The bill is not expected to get the 60 votes necessary for passage. But debate on the legislation has ignited a firestorm in Washington over tax breaks and deficit reduction.
Democrats say their bill will save $21 billion over 10 years and the savings will go toward deficit reduction.
But Republicans and some Democrats say the legislation is akin to raising taxes on the oil industry and singling out profitable companies for unfair treatment.
Americans for Tax Reform warned senators Tuesday that a vote in favor of the bill would break a pledge signed by most Republicans to oppose tax hikes.
Taxpayers for Common Sense released a report Tuesday that says the oil-and-gas industry will enjoy more than $78 billion in tax breaks over the next five years.
In a time of jaw-dropping deficits, taxpayers are being forced to line the pockets of Big Oil while they rake in massive profits,” Ellis said. “Oil-and-gas companies should pay their fair share.”
Ellis said Taxpayers for Common Sense is in favor of eliminating tax breaks for a range of energy industries including the wind and solar industries. "Right now, oil and gas is a good place to start," he said.