Senator Menendez Fights To Close Big Oil Tax Loopholes
The Close Big Oil Tax Loopholes Act Would Save Over $20 billion Over Ten Years; at least $750 million for NJ taxpayers
June 7, 2010
Hoboken – U.S. Senator Robert Menendez today stood across the street from a BP gas station to highlight legislation that will close a number of loopholes that allow oil companies to avoid paying billions of dollars in taxes. The Close Big Oil Tax Loopholes Act, co-sponsored by Senators Bill Nelson (D-FL) and Jeff Merkley (D-OR), targets a series of tax breaks related to drilling activities and revenues, as well as foreign tax schemes. Menendez estimates that closing these loopholes will amount to more than $20 billion over ten years for the taxpayers. Senator Menendez was flanked by NJ Citizen Action representative Adam Sherman and concerned citizen JD Capuano, as well as citizens who don’t want to see a hugely profitable, polluting industry enjoy tax breaks while most American taxpayers struggle.
“There’s no valid reason for these multi-billion dollar international corporations to shortchange the American taxpayer,” said Senator Menendez”. Look at those gas prices. They certainly aren’t using the extra money they get from exploiting tax loopholes to help bring down the price of a gallon of gas for New Jersey families. Unlike the oil gushing into the Gulf, we can immediately stop the flow of government subsidies flowing to Big Oil and plug these loopholes when we pass this legislation. We could certainly use the billions of dollars lost in Big Oil giveaways to help balance the budget or reduce taxes paid by middle class families.”
"Despite experiencing a near collapse of our economy, giant oil companies have made record profits in recent years at the same time that many people in New Jersey have lost their job or have seen their wages cut or frozen," said NJ Citizen Action Organizer Adam Sherman.
"Citizen Action talks to working families and seniors every day through our door to door canvass and every day we talk to folks who are struggling to make ends meet and hope for a better life for their children. And they pay their taxes. As we all know, New Jersey is facing a critical budget shortfall, unemployment is stuck at dangerously high levels and we are looking at cutting support for our state’s schools and critical safety net programs. More money coming to New Jersey by eliminating tax breaks for big oil companies is just the kind of help we need from Washington."
“Let's be clear on what this legislation means. This isn't a punishment for big oil. It isn't even asking these corporations to sacrifice,” said JD Capuano, a member of the Quality of Life Coalition. “What it does is simple. It requires big oil to pay their fair share. How can ordinary Americans continue to get squeezed while these companies make money hand over fist at the same time they exploit tax loopholes?”
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