60 Plus Chairman Jim Martin: ‘The Legislation is Baseless and Destructive’
(Alexandria, VA) – 60 Plus Chairman Jim Martin, leader of the nation’s largest conservative seniors’ organization, issued the following statement today on Sen. Bob Menendez’s (D-NJ) introduction of Senate bill S.2204, “Repeal of Big Oil Subsidies Act of 2012.” The bill is slated for a cloture vote this evening at 5:30 p.m. on Capitol Hill.
“Senator Menendez’s bill is a blatant and partisan attempt to single out and demonize some of our country’s most important energy producers. It’s a disingenuous ploy to attack the oil and natural gas industry at the cost of hardworking Americans, and hurts seniors on fixed incomes who are already grappling with skyrocketing gasoline prices.
“The bill mischaracterizes important incentives enjoyed by, but not unique to, the oil and natural gas industry. American energy companies do not receive any special handouts, and in fact, the U.S. tax code doesn’t include any tax credits or deductions specific to the energy sector. These so-called ‘loop holes’ are in reality important tax incentives that protect U.S. companies operating globally from getting taxed twice, both abroad and here at home. Repealing them translates into a discriminatory tax hike that will unfortunately discourage energy production and likely reduce tax revenues.
“The energy industry creates unparalleled economic opportunities for our country. Over nine million jobs are supported by the industry, and it generates as much as $86 million in tax revenue per day for the federal government. Unlike the many risky ‘green energy’ initiatives, which have experienced noted favoritism from the same politicians pushing this latest attack, the oil and natural gas industry has continued to create well-paying jobs across the country. If ever there were a time to avoid discouraging them, it is now as our country faces historic economic challenges.
“What a perverse policy the President and his political party are pursuing. Discouraging domestic energy production while encouraging foreign energy imports. This policy is already a clear and present danger to national security and must be reversed for the sake of our country.”