You Pay Taxes, Don't Let the Oil Companies Get Out of Their Fair Share
Challenge: Oil companies are making huge profits and paying a pittance in taxes. A remedy is at hand but opposition is fierce.
Background: The Senate is insisting on including $5.4 billion in new taxes to be paid by America's largest oil companies, including ExxonMobil in the tax bill. Why is this new tax essential? There are two big reasons. First, the top 5 oil companies have enjoyed $300 billion in profits since President Bush took office. Second, news reports document that from now through 2011, these same profitable oil companies won't have to pay $7 billion in royalties for the privilege of drilling on federal land because of a decade-old loophole.
Politics: Although it may seem fair to most people to ask the oil industry to at least pay something back to taxpayers, both the White House and the leadership in the House of Representatives are firmly against the Senate's proposed $5.4 billion in tax hikes on oil companies. The Bush Administration has even issued a veto threat!
Citizens: Demand fairness; make sure the oil companies pay. Contact your Senators and Representative and demand that they support tax increases (for a total of $5.4 billion) on Big Oil in HR 4297!


April 22, 2018

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