Mitt Romney Energy Plan Robs Taxpayers

The world’s five biggest public oil companies—BP, Chevron, ConocoPhillips, ExxonMobil, and Royal Dutch Shell—would keep special tax breaks worth $2.4 billion each year. And by cutting corporate tax rates, the Romney plan could lower the companies’ annual tax bill by another $2.3 billion, based on an analysis of the companies’ tax expense for 2011. The special tax breaks, supplemented by Gov. Romney’s lower corporate rates, could benefit the oil companies by more than $4 billion annually.

As we will show, these five companies are hardly in need of a tax cut: They earned a combined record profit of $137 billion in 2011 due to high oil and gasoline prices.

www.americanprogressaction.org...
thinkprogress.org...

Exxon Mobil paid 13 percent of its U.S. income in taxes after deductions and benefits in 2011, according to a Reuters’ calculation of securities filings. Chevron paid about 19 percent.

1. The Romney-Ryan plan gives the big five oil companies a $2.3 billion tax cut above and beyond existing tax loopholes

2. Romney plan gives Americans’ lands and waters to dirty energy interests

3. Romney and Ryan would cede clean energy innovation, exports to China, Germany, other nations. They outsource energy jobs to our greatest competitors.

4. Romney plan won’t reduce oil and gasoline prices

5. Romney and Ryan support continuing mercury contamination from power plants

Oh man, I wonder who he's working for, it surely isn't the middle class.

Hope you guys have fun supporting a crony capitalist, I mean fascist. Anyone that thinks he is going to help the economy is living in a parallel universe. Nothing ever trickles down, it's supposed to have been for decades now..not happening. They take the huge tax breaks and invest it in other countries, where they can buy slaves for workers. I can never understand why people can be so obviously voting against their own interest.

He makes no attempt at trying to fund alternative sources of energy.. He would like to just burn anything he can to provide energy. At the expense of our Air, Water, and Health.. So scary that ideas this potentially destructive will be received as many as the solution, and even less will give it a second thought.

I dont think Obama has a plan that is much different when it comes to drilling availability in all fairness, however.. He does provide a strong amount of funding for future technologies and for green energy.. Something Mitt would scoff at.

reply to post by SamLuv


Mitt wants to give MORE subsidies to billion dollar companies.

CORPORATE WELFARE.

If this was the Obama admin it'd have a million flags and replies

tax breaks,
meaning the government doesn't steal 2.3 billion
vs
subsidies,
meaning, the government gives them money.

letting them use more government land will increase supply, and lower demand.
will lead to lower prices.

it doesn't take a genius to figure out the "law" of supply and demand.

obamas' energy plan is going to hurt every man woman and child.
my electric prices are going to go up 300% because of obamas' energy plan.
if you live in northeast ohio, your screwed.

obamas' energy plan kills ohio

read the article.

this is a fact, whomever is president.
the price has already been set.
thanks to our compassionate leader, odumbo

there will be riots in the streets of cleveland, akron, and canton, when everyone's electric gets cut off for lack of payment.

who can afford $400 a month for electric?

of course the corporations will be blamed for gouging poor people.
when it was the extreme enviromental left who is to blame, especially obama.

mark my words realspoke, i know your in ohio, you can't say i didn't warn you.

think progress?

come on you can do better than that.

they are the biggest commies out there.

reply to post by RealSpoke


Those profits are way too high to even start talking about any tax breaks or government help at all. Those people are getting stinking rich and giving nothing back to the nation. Capitalism is totally out of control in the United States and has been so for a while now.

I fully support nationalizing all the nation`s natural resources. The resources are for everyone who lives in the United States; not for a few people to use and exploit for their own benefit. Yet, it is not easy to get Americans behind nationalizing all of the natural resources because the government is so interconnected to the private sector that, most likely, the current system of bureaucracy would turn right around and exploit the natural resources to fund wars and control global trade instead of building a better cleaner and safer energy policy.

If they get another billion or two does my gas get cheaper??? Jw because it's not cheaper with Obama. To add, neither have found and backed an alternative energy, so cheaper gas is all I can hope for at this point.

reply to post by bjax9er

meaning the government doesn't steal 2.3 billion

Yes it does, that is 2.3 billion dollars of lost revenue. It affects entire economies....

Christ Christie gave millions of corporate welfare tax breaks to create jobs,..and it FAILED. The corporations cut jobs and hoarded the money.
.

Under the program, the Christie administration has granted more than $900 million in state tax credits over 10 years to 15 companies, including Panasonic, Goya, Prudential and Campbell’s Soup.

Another agreement has also stirred criticism. In February 2011, the state approved a $42 million tax break for Campbell’s Soup to renovate its longtime headquarters in Camden and add new jobs.

Campbell’s then announced in June that it would eliminate 130 jobs in Camden

www.nytimes.com...

it doesn't take a genius to figure out the "law" of supply and demand.

Supply and demand doesn't work in a manipulated market

obamas' energy plan is going to hurt every man woman and child.

Same with Romneys

reply to post by Poopooplatter

If they get another billion or two does my gas get cheaper???

No, they hoard the wealth and sell it overseas.