S.940 - Close Big Oil Tax Loopholes Act

A bill to reduce the Federal budget deficit by closing big oil tax loopholes, and for other purposes. view all titles (2)

All Bill Titles

  • Official: A bill to reduce the Federal budget deficit by closing big oil tax loopholes, and for other purposes. as introduced.
  • Short: Close Big Oil Tax Loopholes Act as introduced.

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  • davidcjackman 05/17/2011 7:02pm


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  • BIGMOUTHMOM 05/18/2011 6:55pm

    I oppose this bill because I think loopholes for all businesses should be closed. When our government picks winners and losers in the business world, we start looking more and more like a European country. Didn’t we fight the Revolutionary War to separate ourselves from a European style of government?

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    Aleksey 01/15/2012 6:54am

    European style of government … 200 years ago … you think the word “progress” doesn’t apply to America. Opposing this bill for this reason is contributing to the problem. Loopholes have to start to be closing somewhere. If there are holes in a sinking ship, you expect them to be sealed all at once? I hope you’re 15 or something, otherwise this way of thinking of yours will land us no where.

  • faheem2774 05/19/2011 8:06pm

    This bill will close the oil tax loopholes which were done to ensure that drilling in America would be allowed. However, that time has now past (it started in the 1930’s) so close them and allow these companies to pay their fair share. The Revolution War was fought to allow for self determination – not for a European (which was a monarchy) government

  • moionfire 05/23/2011 6:30am

    I support this bill fully. Shame on the the three democrats that opposed this.

  • legalstuff 05/23/2011 5:48pm

    Absolutely I support this bill. Isn’t it amazing that the Republicans screamed and complained about the cash for clunkers program that gave 3 billion to help jump start car sales. This money went to the little guy car buyers and car salesman. But giving 4 billion to rich oil companies Republicans have no problem with it.

  • allyReport101 05/25/2011 1:54am

    Can anyone explain how giving the government more money solves any problem>? Will it make petro-products cheaper>? Nope, actually the opposite_ Besides “our” loving government is using the money to maintain a world empire, set to invade still more counties_ Want more war>? Not a solution, it’s time we starve the beast_ Remember, oil producers take massive risks, doing a dangerous job, a job necessary to maintain the production and transportation of everything we need to live_ By contrast, what does “our” loving government do>? Give 26 trillion to criminal banks to paper over their worthless “assets”, Incarcerate 2.3 million americans, protect the drug trade in afghanistan, debase the currency, endless war, spent 14.3 trillion so far this year alone, and now they are looting retirements_ I’d say if you think the oil companies are the problem… well I gave you plenty of reasons to focus your energies on the real enemy, “our” government_

  • kir 05/26/2011 8:40am

    Agree with ally. No matter how much money the government has, it’s not enough apparently. And as for closing the tax loopholes. Really?

    The American gas & oil industry has already taken a hit from Obama when he shut down drilling. (Now magically he wants drilling to start right back up again). And now you want to take away at the tax subsidies(which are a tiny fraction of what are given to other industries actually)? The same people who support this bill are probably kicking and screaming every time they go to fill up their tank with gas. Well do you think getting rid of these tax breaks is going to LOWER gas prices? Right… BTW the reason for the high price of oil and gas is not American companies but speculation and OPEC. And lastly, why don’t some of you who support this bill take a look at exactly how much oil companies already give in taxes each year. The figures are astronomical.

  • TadsDad 05/27/2011 1:44pm

    I’m for closing all loop holes, and going to a flat tax. these clown are just going to raise gas prices either way.

  • TadsDad 05/27/2011 1:44pm

    I’m for closing all loop holes, and going to a flat tax. these clowns are just going to raise gas prices either way.

  • zappy 06/17/2011 7:48pm

    @bigmouthmom – we already are picking winners and losers…. loopholes pick winners and losers…. winners = resources to hire effective lobby campaigns = loopholes = bigger winners.

  • Mike_in_Maine 06/26/2011 10:59pm

    When looking at Oil company profits and tax liabilities, the dollar value “of loopholes” is a joke. This bill is pure politics. The evil oil companies that payed record taxes last year. In fact every time you see article saying record profits they always fail to report “paid record taxes” as well….why is that? In most years the combined taxes paid by big oil exceeds their profits. You realy think Congress wants to damage that money stream?

  • mirangermanll 07/03/2011 6:02am

    And dont forget the alling dollar! Which so far this year – has lost around 20% of value – and thats just from the START of this year! And it doesn’t look any better for the balance of the year -either

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