- Gene Karpinski: Fiscal Cliff an Opportunity for Congress to Finally End Oil Subsidies
Members of Congress have some tough choices to make during the fiscal cliff negotiations. But as they look for ways to bring in additional revenue, there’s an easy decision that will save billions every year — finally ending those taxpayer-funded handouts to the oil companies. It makes good fiscal and common sense for those at the top — like Big Oil — to pay their fair share. But right now Big Oil’s Congressional allies are pushing hard to protect these special tax breaks for dirty energy companies, who are busy polluting our air and waterways.
Every year, we send the oil industry $4 billion in taxpayer subsidies. That means that Congress has the chance to save us more than $40 billion over the next 10 years alone if they end these tax breaks for the oil industry, whose companies are some of the most profitable on the face of the planet. So far this year, Big Oil has already recorded more than $90 billion in profits.
Instead of hiring, the oil companies have been using our tax dollars to pad their soaring profits. In fact, from 2005 to 2010, four of the biggest oil companies raked in over $500 billion in profits while laying off over 11,000 workers in the U.S. (read the complete article…)
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