End Oil and Gas Tax Subsidies Act of 2015
Bill Summary
This bill would eliminate tax breaks for the oil and gas industry and will save taxpayers more than $23 billion over five years, and more than $44 billion over ten years.
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Opponents say
Democrats have proposed "raising taxes on American energy manufacturers -- something common sense and basic economics tell us will lead to even higher prices at the pump," Senator McConnell said Wednesday. "Frankly, I can't think of a better way to illustrate how completely out of touch they are on this issue."
Proponents say
“Right now, we have tax loopholes in place that have helped companies like Chevron, ExxonMobil and Shell add to their billions in profits. The American taxpayer should not be footing this bill,” said Representative Blumenauer. “Instead of padding the bottom line of oil and gas companies, taxpayer dollars could be better spent renewing and rebuilding our nation’s infrastructure and investing in emerging clean resources like wind and solar that will help us combat climate change and transition to a clean energy future.”