Political Quotes

“I rise to speak in support of the Close Big Oil Tax Loopholes Act, of which I am an original cosponsor, and in strong opposition of the Offshore Production and Safety Act. I support the Close Big Oil Tax Loopholes Act because it would repeal unnecessary subsidies and incentives to oil companies that will cost taxpayers $21 billion over the next 10 years. That $21 billion must be made up through taxes in other areas, such as individual income taxes. These tax incentives for big oil, unfortunately, go toward corporate salaries and profits--they do not lead to lower gas prices for American consumers. And I oppose the poorly named Offshore Production and Safety Act. Instead of implementing the recommendations of The National Commission on the Deepwater Horizon Oil Spill and Offshore Drilling, this legislation attempts to irresponsibly increase production by shortcircuiting safety and environmental reviews, rigging the courts in favor of the oil companies, and forcing oil leasing in offshore areas without further review. The Close Big Oil Tax Loopholes Act, introduced by Senator Menendez, was written to end unnecessary and expensive tax subsidies. Is does so in the following ways: It modifies the foreign tax credit that allows major oil companies to deduct royalty payments dollar-for-dollar from their U.S. tax bill. It limits the ability of oil companies to claim the domestic manufacturing tax deduction.…”