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Public Statements

Larson Introduces Bill to Repeal Tax Giveaways to Oil Industry

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Date:
Location: Washington, DC


LARSON INTRODUCES BILL TO REPEAL TAX GIVEAWAYS TO OIL INDUSTRY

U.S. Congressman John B. Larson (CT-01) today introduced legislation to eliminate unnecessary tax breaks for oil companies in response to record industry profits, excessive executive compensation, and soaring gas prices.

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"The hard truth is that with rising gas prices, Americans are getting hit twice: once at the pump and once again with their tax dollars," said Larson. "Even while oil companies keep bringing in quarter after quarter of record-breaking profits, the Republican-controlled Congress has not hesitated to provide them with billions of dollars worth of unneeded tax incentives and loopholes. These tax breaks need to be repealed so that money can be put back into the Low Income Heating and Emergency Assistance Program or alternative energy sources like fuel cells."

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"My Democratic colleagues and I are offering solutions to the everyday problems Americans are facing, like paying for the price of gas and heating and cooling their homes. Instead of leaving no oil executive behind, Congress should worry about leaving $3 a gallon gas prices behind," concluded Larson.

http://www.house.gov/larson/pr_060427.htm

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