Sen. Kerry & Rep. Hinchey Introduce Measure to Repeal More Than $28 Billion in Wasteful Tax Breaks & Subsidies For Oil Companies
May 4th, 2006 @ 2:17 pm
With oil companies experiencing huge, record-breaking profits at the expense of Americans who are facing historic ever rising prices at the pump, Senator John Kerry (D-MA) and Congressman Maurice Hinchey (D-NY) have introduced legislation that would repeal at least $28 billion in tax breaks and subsidies for the country’s oil and gas companies. This sounds a like a plan from the Democrats. John Kerry has been a long time advocate of alternative energy sources, more fuel efficient cars and ending tax give-aways to corporate entities and the rich.
Republican’s are still struggling to come up with a plan of their own, so far their best offer was a $100 rebate to American’s. That one didn’t over go so big. The WaPo reports today that lawmakers are looking once again looking at backing “higher gas mileage standards,” however they report that “it remains unclear whether Congress will actually force automakers to produce more fuel-efficient fleets.”
Hinchey introduced the Energy Fairness for America Act in the House today and Kerry unveiled it in the Senate last week.
“As gas prices skyrocket and Americans suffer pain at the pump, it’s clearer than ever that we need an energy policy that puts people ahead of big oil,” Kerry said. “Oil companies don’t need more tax breaks - and they’ve said so themselves. If we end these tax giveaways, we can invest in an energy plan that ends our dependence on foreign oil and eases the burden on American families. It’s time to put our farmers, our families and our future first. I thank Rep. Hinchey for joining me in this important fight and introducing this bill in the House.”
Hinchey said, “The oil companies never needed or deserved these massive tax breaks and subsidies in the first place and they certainly don’t need them now as their executives roll around in more cash than they know what to do with. Of all ways to save taxpayer money, repealing tax breaks for greedy oil companies has to be near the top of the list of ways to do so. The American people should not have to suffer at the pump so the oil company executives can pay for new mansions, yachts, and high-end vacations.”
The Kerry-Hinchey bill repeals provisions in the Energy Policy Act of 2005 that the Republican-controlled Congress passed last year, which contains $2.6 billion over 10 years in tax breaks for oil and gas companies. The bill also contained a $1.5 billion fund for an oil consortium in Tom Delay’s congressional district in Texas, bringing the total handouts for oil companies to more than $4 billion over ten years. These giveaways are on top of billions in tax breaks and subsidies already available to the oil industry through 2009 — breaks that have existed for decades, but would be abolished under Kerry and Hinchey’s Energy Fairness for America Act. Additionally, the bill would end the practice of allowing companies to get a break from paying fess owed to the federal government for oil and gas extracted from public lands.
MORE & LINKS -
http://blog.thedemocraticdaily.com/?p=2876
Printer-friendly format
Email this thread to a friend
Bookmark this thread
(1000+ posts)
Send PM |
Profile |
Ignore
