17 May '11, 9pm

Will Congress finally end government handouts for Big Oil?

Will Congress finally end government handouts for Big Oil? Cross-posted from the Center for American Progress . The Senate plans to vote tonight on the Close Big Oil Tax Loopholes Act -- 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-N.J.) and 28 of his colleagues, would close tax loopholes for Chevron Corporation, ConocoPhilips, Exxon Mobil Corporation, and the U.S. subsidiaries of BP and Royal Dutch Shell. 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 ...

Full article: http://www.grist.org/oil/2011-05-17-ending-big-oils-tax-h...

Tweets

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