"This is the Democrat response to high gas prices," Senate Republican leader Mitch McConnell countered. "Frankly, I can't think of a better way to illustrate how completely out of touch they are on this issue."
Republicans, like the oil companies, think that with retail gasoline prices rapidly rising, now is not the time to saddle industry with higher taxes. "There's no evidence to show that raising a tax is going to lower gas prices," a senior Republican aide said.
The tax breaks also exist against a background of chronically high government budget deficits. Many Democrats, including President Barack Obama, argue that the wealthy should do more to help reduce those deficits by taking on a bigger tax liability.
(Editing by Eric Walsh)
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