Washington, D.C.—Today, July 26, as two more Big Oil companies plan to announce their billions of dollars in second quarter profits, the Center for American Progress Action Fund President Tom Perriello and Senior Fellow Daniel J. Weiss will release “Romney’s Tax Plan: Many Happy Returns for Big Oil,” showing that Romney’s tax plan could benefit Big Oil by more than $4 billion annually.
Representative Chris Van Hollen (D-MD) will discuss the ways that Big Oil is hitting the taxpayer multiple times—at the pump, through the tax code and with cuts in middle class programs necessary to retain the oil tax breaks. Senator Robert Menendez (D-NJ) will elaborate on his proposal, the “Close Big Oil Tax Loopholes Act,” S. 940. Senator Menendez’s bill would end tax breaks—worth $24 billion over a decade—received by five of the largest, most profitable companies in the world. Instead, these funds would be used to reduce the deficit.
The Center for American Progress Action Fund report to be released on this call will demonstrate how Romney’s tax proposal would benefit Big Oil, at the expense of the working families in America, by preserving these existing special tax breaks while also lowering the corporate tax rate by nearly one-third.
This paper is the first in a series of papers, events, blog posts, and quick analysis called Romney University, which is aimed at providing influential policy and opinion leaders all they need to know about Governor Mitt Romney’s policy proposals.
WHAT:
Press call to discuss Romney’s tax giveaway to Big Oil and ways that taxpayer subsidies could be put to better use for the benefit of consumers and working families.
WHO:
Sen. Bob Menendez, (D-NJ)
Rep. Chris Van Hollen, (D-MD)
Tom Perriello, CAP Action President and CEO
Daniel J. Weiss, CAP Action Senior Fellow and Director of Climate Change Strategy
WHEN:
Thursday, July 26, 2012
11:30 a.m. – 12:30 a.m. EDT
DIAL-IN:
877.210.8943
14978003
**Please note that this call will be recorded. By participating in this call you consent to being recorded.**
To RSVP, or for further information, please contact Christina DiPasquale at 202.481.8181 or [email protected].
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