Washington, D.C. – Rep. Bruce Braley (IA-01) announced his support for the Ending Big Oil Tax Subsidies Act—which would end tax breaks for the largest oil companies, saving taxpayers roughly $40 billion over the next five years.
“Some of the most profitable corporations in history don’t need additional handouts from taxpayers,” Braley said. “The future of energy isn’t in a Saudi oilfield, it’s right here in biofuels and wind energy in Iowa—and that’s where our resources need to be devoted.”
The Ending Big Oil Tax Subsidies Act would end a host of tax breaks and loopholes currently used by the largest oil companies, that cost taxpayers billions of dollars annually.
Braley has previously called on House leadership to repeal tax subsidies for big oil companies.
In 2011, Braley introduced the Clean Energy Jobs Act, which would have ended the tax breaks given to big oil, while using the savings to create jobs in Iowa, boost the renewable fuels industry and pay down the national deficit.