Oil and Gas Tax Breaks
At a time when Minnesotans are paying high prices at the pump and oil companies are raking in record profits, Senator Franken in strongly in favor of eliminating the billions of dollars in unwarranted tax subsidies for oil companies. While the people across the country tighten their belts to help address the budget deficit, Senator Franken believes that oil and gas companies must pay their fair share. Taxpayer subsidies for oil companies are far better used to help struggling families meet their energy needs and support investments in clean energy technologies and jobs. Senator Franken is an original cosponsor of S. 940, the Close Big Oil Tax Loopholes Act, which would repeal excessive tax subsidies to the world's five largest, most profitable oil companies, saving the government $21 billion over the next 10 years. Unfortunately, when this bill came to the floor, the Senate fell short of the 60 votes needed to take up the bill. Senator Franken also supported an amendment in June 2010 that would have repealed over $35 billion in oil and gas tax breaks and redirected these funds to energy efficiency programs and deficit reduction. However, this amendment failed to pass the Senate.
On May 17, 2011, Senator Franken spoke out on the Senate floor against wasteful subsidies to big oil companies. You can read Sen. Franken's full speech here. He will continue to fight to repeal these egregious, outdated subsidies.