PENNSYLVANIA – On Tuesday, a bipartisan majority in the U.S. Senate voted to repeal billions of dollars in taxpayer subsidies to the nation’s most profitable oil companies. Senator Toomey voted against this majority to protect oil industry handouts. Repealing these tax breaks would result in $21 billion in revenue over the next decade that this legislation aimed to use to cut the deficit.
Navin Nayak, Senior Vice President of Campaigns at the League of Conservation Voters, released the following statement on Senator Toomey’s support for maintaining tax breaks for the richest oil companies while Pennsylvania families suffer at the pump:
“Even though Pennsylvania families are struggling to pay four dollars a gallon for their gas, Senator Toomey voted to protect billions in taxpayer handouts to the most profitable oil companies. These are the same companies who yet again reported tens of billions in profits last quarter -- and after accepting over $320,000 from the oil industry, it should come as no surprise that Senator Toomey would vote to protect the profits of his loyal campaign contributors. It’s time for Congress to eliminate these unnecessary subsidies that allow oil companies to profit off Pennsylvania consumers twice: once at the pump and again from their federal taxes.”
Senator Toomey has received $323,856 from the oil and gas industry over the course of his career. A recent NBC/Wall Street Journal poll found that 74 percent of voters support eliminating tax breaks to oil companies. [NBC/WSJ Poll, February 2011]
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