Let's Start With Big Oil
We learned this week oil giant Exxon Mobil, whose profits already jumped 70% this year, pays a lower tax rate than the average American. Later today, CEOs of five top U.S. oil companies whose profits are at record highs will testify before Congress - will they say how they feel about taking billions in taxpayer handouts while seniors are asked to give up Medicare benefits they've already paid for?
Want to cut the deficit? Let's start with tax giveaways to Big Oil whose profits are at record highs.
Connect: American families and seniors are struggling -- oil companies aren't.
Define: Want to cut the deficit? Let's start with tax giveaways to big oil companies whose profits are at record highs -- not the Medicare benefits our seniors already paid for.
Debunk: Oil companies are charging us $4 a gallon and collecting $4 billion of our money a year in wasteful taxpayer handouts that don't do anything to relieve the pain Americans feel at the pump.
Discredit: Republican politicians claim to be tough on deficits, but they are protecting these giveaways for their Big Oil donors.
Core values: What do we want America to be: a nation where oil companies pay their fair share in taxes OR one where working families and seniors bear all the burden?
ATTACKS & RESPONSES
- Oil companies are making record profits, charging us $4 a gallon, and collecting $4 billion a year in taxpayer handouts that don't do anything to relieve the pain Americans feel at the pump.
- Republican politicians are using rising gas prices as an excuse to protect their oil company donors and to launch false political attacks.
- U.S. oil production rose in 2010 to the highest it's been in years -- higher than during most of the Bush years, and increased domestic drilling would do nothing to reduce the pain Americans are feeling at the pump.
- Washington Republicans have made their priorities clear: they want to give away billions of our hard-earned tax dollars to oil companies, even though their profits are at record highs -- and demand seniors give up Medicare benefits they've already paid for.
- Expanding domestic drilling would do nothing to reduce the pain Americans are feeling at the pump.
WHAT YOU NEED TO KNOW
- More than 70% of Americans want to get rid of subsidies for Big Oil, and nearly 75% support increased federal funding for clean energy innovation.
- More than 70% of Americans say they feeling financial strain from high gas prices.
- This week, Senate Democrats unveiled a plan to save more than $20 billion by eliminating tax giveaways for oil companies.
- High gas prices mean massive profits for oil companies - Exxon's profits jumped nearly 70% as they raked in over $10 billion since January alone.
- In the past decade, the top five oil companies made nearly a trillion dollars in profits. In 2009 alone, the CEOs of five major oil companies took home almost $70 million combined.
- Oil and gas companies spent $16 million last year to elect Republicans, and $146 million on lobbying in 2010 alone. Conglomerate billionaires the Koch Brothers have pledged to spend nearly $100 million to beat President Obama and Democrats in 2012.
- Republicans have voted in lockstep against ending oil subsidies and recouping billions of hard-earned taxpayer dollars from them.
- The 2012 Republican budget would slash funding for energy research and development, eliminate incentives for developing wind, solar power and other alternative energy technologies, and protect subsidies for oil companies.
- Republicans have long opposed setting fuel economy standards or developing sources of clean energy, which would help reduce our dependence on oil.
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Posted in - Energy - Economy