Document text
Oregon Road Conditions & Cams Advertisement Email Story to a Friend April 27, 2006 Senate to probe oil firms' tax returns The Senate Finance Committee vows a 'comprehensive review' of the oil companies' taxes By H. JOSEF HEBERT The Associated Press WASHINGTON — A Senate committee Wednesday announced an investigation into taxes paid by major oil companies and asked the Internal Revenue Service for the companies' tax returns. The Senate Finance Committee promised "a comprehensive review of the federal taxes paid" by the 15 largest oil and gas companies. The committee said it wanted to inspect their tax returns for the last five years. Sen. Charles Grassley, R-Iowa, the committee's chairman, said the panel was concerned about high profits and executive compensation at oil companies. "I want to make sure the oil companies aren't taking a speed pass by the tax man," said Grassley in a statement. With gasoline prices soaring and oil companies announcing record profits, "it's relevant to know what the real financial picture is for this in cus, the ranking Democrat on the committee, said. Advertisement The committee announcement came as Congress showed increasing concern amid political fallout over high gasoline prices and oil industry profits. Lawmakers began moving on various fronts to eliminate loopholes and some tax provisions that save oil companies billions of dollars. In a letter to the IRS, Grassley and Baucus said the tax records of the major oil companies are needed to conduct "a comprehensive review" of the companies' compliance with tax laws. "As pressure mounts to address extraordinarily high gas prices that consumers are facing at the pump, we feel we should better understand the federal tax posture of the industry," the two senators wrote IRS Commissioner Mark Everson. In their request, the senators noted not only the industry profits, but "an extremely lucrative retirement plan by one oil and gas industry executive, benefits which may have been subsidized in part by the taxpayers." Mail Tribune Home | Local News | Sports | Business | Obituaries | Life | Opinion AP News | Archives | Site Map | Community | Classified Copyright © 1997-2006 Mail Tribune, Inc. All rights reserved. Privacy Policy | Terms & Conditions | Website Feedback www.bingo.com Home Security Systems Trunks, Footlocker Custom Build Computers Discount Hotel Reservations online casinos news Ashley Furniture HomeStore Send Flowers Southern Oregon Loans California Casinos GMAT Prep Windermere Van Vleet Sports Equipment Online Casino Reviews Online Bingo Entertainment Guide Online Casino Fundraisers Sudoku Online Casinos Canada Online Pharmacy Advertisements Advertisement