Business association representatives appearing Sunday on CNN's "State of the Union" said their respective industries could be easily knocked off their feet by the loss of their current tax breaks.
"You have to remember that the airline industry is one that over the past 10 years has lost $55 billion, has shed a third of its workforce, 161,000 jobs," said Sean Kennedy of the Air Transport Association. "Proposals they're circulating on Capitol Hill would impose another $36 billion in taxes on this industry."
The medical industry and senior-citizen lobbies expressed concern on humanitarian grounds about Medicare cuts that could cut the number of procedures and the reimbursements to providers, the report said.
The oil industry contends that despite healthy balance sheets, things could go down hill if changes to the tax code don't go their way. "Part of problem is that the facts aren't out there," lamented Marty Durbin of the American Petroleum Institute. "There are no loopholes. These are basic tax deductions that every industry is allowed to use."
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