08.04.15

Leahy Joins As Original Cosponsor On Bill To Halt Unfair Tax Handouts To Big Oil

. . . Legislation Would Close Loopholes And Reduce Deficit

WASHINGTON (TUESDAY, Aug. 4, 2015) – Senator Patrick Leahy (D-Vt.) has joined in introducing legislation to end taxpayer subsidies to the “Big 5” oil companies and to apply that $22 billion in savings toward reducing the federal deficit.

Leahy said:  “These subsidies, paid for by the American people, are senseless and unconscionable.  They are an ancient holdover from the earliest days of the carbon economy.  If these loopholes ever were justified, that time has long passed.”

Leahy noted that these five largest oil companies --  BP, Exxon, Shell, Chevron and ConocoPhillips -- took home nearly $1 trillion in profits over the past decade, including $90 billion in 2014, with only a small slice of those earnings going toward exploration and research.  The Close Big Oil Tax Loopholes Act of 2015, introduced by Senator Bob Menendez (R-N.J.) and cosponsored by Leahy and 17 other senators, would finally put an end to unfair taxpayer handouts to these highly profitable companies.

Leahy has long pushed for closing these loopholes, joining similar legislation in the 112th and 113th Congresses as a commonsense way to adjust outdated priorities while helping to reduce the deficit. 

A section-by-section summary of the legislation can be downloaded here and full text of the bill can be downloaded here

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