Tax Day is Payday for Oil Companies
And Guess Who’s Paying Higher Taxes Today to Make Up the Difference? The Average American Taxpayer, That’s Who
Washington DC (April 15, 2014) -- Americans United for Change Executive Director Caren Benjamin made the following statement as Americans face the tax deadline today:
“In the last five years, the oil industry has invested $885 million on lobbying and campaign contributions, and been handsomely rewarded with a steady gravy train of tax breaks totaling more than $20 billion since 2009. That’s better than a 2000 percent return on their investment. Unfortunately, most Americans can’t afford to hire a lobbyist, so they are stuck paying more while the oil companies get a free ride. To make matters worse, when companies like Exxon Mobil shelter tens of billions of dollars in profits in offshore tax havens, the average American taxpayer gets stuck with the tab.
“As if the oil industry hasn’t gamed the system enough, now it’s throwing its money around to get yet another sweetheart deal by bludgeoning Congress or the EPA into raising the amount of oil in gasoline while lowering the amount of renewable fuel. Big Oil’s tax day pay day should be a poignant reminder that the oil companies do not need another giveaway from Washington.”
U.S. PIRG released a new report today finding that the average American taxpayer in 2013 would have to shoulder an extra $1,259 in state and federal taxes to make up for the revenue lost due to the use of offshore tax havens by wealthy individuals and corporations. Corporations like Exxon Mobil which has booked $47 billion in profits offshore, putting it in the top ten of companies with the most cash offshore. The oil giant maintains subsidiaries in tax havens like the Cayman Islands and Bermuda.
By the numbers:
Since 2009, oil companies have spent:
In return, oil companies have reaped:
· $20 billion in tax breaks
· Almost $500 billion in profits