Sanders Hits Gas and Oil Companies hard by Eliminating Tax Exemptions

Posted on June 14, 2010. Filed under: Events, News, Questions, Uncategorized | Tags: , , , , |

It’s not looking so hot for the gas and oil industry, after Bernie Sander’s proposal in congress.  Sander has always been pro environment in congress, and now he has launched legislation trying to ban offshore drilling and now introduced the idea to end tax breaks for the oil and gas industry. These tax breaks are worth 35 billion dollars to be exact. In the past, the US has giving 70 billion dollars worth of subsidies for gas and oil companies, and only 12 billion to wind and solar companies. ‘With oil giants like BP earning annual profits upwards of 14 billion dollars while the federal deficit continues to grow by the trillion, I think I agree with Sanders that these companies can afford to pay their taxes.’


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