HOBOKEN AND BEYOND — U.S. Sen. Robert Menendez stood across the street from a BP gas station in Hoboken this afternoon to highlight legislation that he says will close a number of loopholes that allow oil companies to avoid paying billions of dollars in taxes.
The Close Big Oil Tax Loopholes Act, co-sponsored by Senators Bill Nelson (D-FL) and Jeff Merkley (D-OR), targets a series of tax breaks related to drilling activities and revenues, as well as foreign tax schemes. Menendez estimates that closing these loopholes will amount to more than $20 billion over ten years for the taxpayers.
Senator Menendez was flanked by NJ Citizen Action representative Adam Sherman and concerned citizen JD Capuano.
“There’s no valid reason for these multi-billion dollar international corporations to shortchange the American taxpayer,” said Senator Menendez. ”Look at those gas prices. They certainly aren’t using the extra money they get from exploiting tax loopholes to help bring down the price of a gallon of gas for New Jersey families. Unlike the oil gushing into the Gulf, we can immediately stop the flow of government subsidies flowing to Big Oil and plug these loopholes when we pass this legislation. We could certainly use the billions of dollars lost in Big Oil giveaways to help balance the budget or reduce taxes paid by middle class families.”