Today, Senator Bernie Sanders (I-VT) filed an amendment, 4318, to so-called tax extenders legislation that would repeal $35 billion worth of federal subsidies to oil and gas companies. Taxpayers for Common Sense supports the amendment as taking the first steps in ending the long‐standing flow of U.S. tax breaks to an industry that does not need them.
“Although the oil industry calls this a tax increase, this amendment would mean the government is finally collecting the full amount of taxes these companies should owe under our tax code,” said Taxpayers for Common Sense President, Ryan Alexander.
“Oil and gas companies have enjoyed extraordinary tax breaks to subsidize their business even though they are one of the most profitable industries in the world. That’s called corporate welfare.”
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