There are still a few steps the government could take tax-wise to bring down prices at the pump, Taylor said, although he cautioned these would only have a "modest" impact on price because some of it is based on the global supply and demand curve, which the U.S. cannot necessarily control. One of these steps is waving royalties on oil and gas production, royalties Taylor said basically amount to a "special tax." He also recommends eliminating the corporate income taxes period, since he feels that's double taxation.
The president's letter came, according to White House Press Secretary Jay Carney in Tuesday's briefing, because House Speaker John Boehner signaled he may be open to ending the subsidies for oil companies, though a spokesperson from his office later told the AP that Boehner's statements weren't necessarily a condoning of the president's plan.
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