For Immediate Release
New Bill Would Slash Wasteful Tax Breaks that Pad Big Oil’s Profits
WASHINGTON - Senator Robert Menendez (D-N.J.) announced Monday that he is
introducing legislation to end a variety of loopholes that let big oil
corporations skirt paying billions in taxes each year. His bill, called
the Close Big Oil Tax Loopholes Act, is co-sponsored by Senators Bill
Nelson (D-Fla.) and Jeff Merkley (D-Ore.).
Friends of the Earth’s president, Erich Pica, had this statement in support of the bill:
“American taxpayers have been padding Big Oil’s record-breaking
profits for way too long. Sen. Menendez’s bill would eliminate billions
in wasteful handouts to Big Oil and move us closer to ending all of the
taxpayer giveaways that corporate polluters enjoy.
“These giveaways are more than wasteful—they’re dangerous. Among the
various loopholes Sen. Menendez’s bill would close is one that has let
oil corporations drill in public waters in the Gulf of Mexico for free.
Our tax code shouldn’t be promoting catastrophes like the oil rig
explosion and spill that cost 11 lives and is wrecking Gulf Coast
ecosystems and livelihoods.
“We have cleaner, safer alternatives to oil and with smart
investments we can transition to an oil-free future. Ending handouts to
big corporate polluters is a key step toward turning the door on dirty
industries and building a 100 percent clean energy economy.”
More information on the Close Big Oil Tax Loopholes Act is available here: http://menendez.senate.gov/newsroom/press/release/?id=fdd03312-20d3-418d-bbcf-00f24edff261
For more information on the $33 billion in tax breaks, subsidies and
other handouts that the oil and gas industry is set to receive by 2013,
please see Friends of the Earth’s 2008 report here: http://www.foe.org/pdf/FoE_Oil_Giveaway_Analysis_2008.pdf
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