It’s Time to End Tax Giveaways to Big Oil
On the same day that House Republicans are likely to pass their Medicare-ending, taxes on the wealthy-slashing budget, tomorrow the Senate will vote on a bill sponsored by Sen. Robert Menendez (D-NJ) that will eliminate nearly $24 BILLION in tax giveaways to the five largest oil companies. That’s $24 BILLION of taxpayer money shoveled to the same five largest oil companies that racked up an astounding $137 BILLION in profits in 2011 alone — a 75 percent increase over 2010.
Instead of a wasteful giveaway to Big Oil, this bill would devote some of our scarce resources to extending important clean energy programs and tax breaks for consumers.
FAST FACT: For every penny more consumers pay at the pump increases Big Oil profits by another $200 MILLION. Think about that the next time you fill up your tank.
Here’s some charts to put all of this in perspective.
It’s also worth noting that in addition to making obscene profits off the backs of American consumers, Big Oil is using tens of billions of dollars a year to buy back its own stock — enriching a small number oil executives and Americans at the expense of the rest of us.
INQUIRING MINDS WANT TO KNOW: Tomorrow, will your Senator side with Big Oil or choose American consumers and clean energy?
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