Should big profits mean fewer tax breaks?

April 26, 2011 1:21:32 PM PDT
With oil companies expected to report booming profits, the rising tide of anger over high gas prices is now driving a political shift: Kill tax breaks for the oil and gas industry.

Pres. Obama today sent a letter to Congressional leaders asking them to take "immediate action" on eliminating the tax breaks.

House Speaker John Boehner, in an interview with ABC News yesterday, seemed to say he would be in favor of that. Now he's changed his tune. He says any tax hike for oil companies - I guess eliminating the tax breaks is viewed as a tax increase - will be passed on to consumers in the form of higher prices. And that's because the oil companies aren't satisfied with the nearly $390 million a day they're making in profits? Is this political blackmail? And will Americans be willing to put up with it, especially with the price of just about everything going up in part because of the rising cost of fuel?

We'll have the latest on the energy crisis - and that's what it's becoming - tonight at 11.

Also at 11, a quiet but fascinating move by the Obama Justice Dept. - it's dropped a long criminal investigation of the lawyer who admitted leaking information to The New York Times about Pres. Bush's hush-hush wiretapping-without-a-warrant program.

You'll remember that, at the time, the Bush Administration went ballistic about the leak, and ordered the investigation. Now, it's disappearing in something of a triumph for the First Amendment.

We're also in Newark tonight, where the Rev. Al Sharpton is helping promote a new anti-violence campaign in New Jersey. Newark, especially, is suffering - as it usually does when violence increases. Three fatal shootings in the past couple of days brings Newark's homicide total this year to 29 - a 71 percent jump over last year. Are police layoffs part of the problem? And how does this impact the growing reform reputation of Mayor Cory Booker, who last week was named one of Time Magazine's 100 most influential? We take a closer look, at 11.

We'll also have some helpful and healthy tips for anyone who needs an energy boost in the afternoon. Our tips look at the alternatives to the junk-food garbage usually offered in vending machines. (Although, for the record, the vending machines at Eyewitness News now have fruit selections after some employees spoke up!)

And Liz Cho will have the latest from London, as preps continue for the Royal Wedding on Friday.

We'll also have any breaking news of the night, plus Meteorologist Lee Goldberg with his AccuWeather forecast, Rob Powers with the night's sports. I hope you can join us, tonight at 11.


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