17 May '11, 1pm

Ending Big Oil’s tax holiday

Ending Big Oil’s tax holiday May 17, 2011 Daniel J. Weiss and Kate Gordon in a CAP cross-post . The Senate plans to vote tonight on the Close Big Oil Tax Loopholes Act , S. 940—legislation that would eliminate $21 billion of tax loopholes over the next decade for the five largest oil companies. The bill, sponsored by Sen. Bob Menendez (D-NJ) and 28 of his colleagues, would close tax loopholes for Chevron Corporation, ConocoPhilips, Exxon Mobil Corporation, and the U.S. subsidiaries of BP Plc and Royal Dutch Shell Plc. And it would require that all recovered funds go to the U.S. Treasury to reduce the federal budget deficit. Given the current drive to reduce the deficit by slashing existing programs, these funds could potentially replace cuts in other vital programs such as Medicare, cancer research, and food inspections. Yet these five companies continue to fight hard to m...

Full article: http://climateprogress.org/2011/05/17/ending-big-oil%E2%8...

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