Providing For Consideration Of H.R. 4899, Lowering Gasoline Prices To Fuel An America That Works Act Of 2014; Providing For Consideration Of H.R. 4923, Energy And Water Development And Related Agencies Appropriations Act, 2015; And For Other Purposes
Mr. Speaker, I thank my colleague for yielding. I rise to urge defeat of the previous question to allow consideration of my legislation, the Big Oil Welfare Repeal Act, which would finally end middle class subsidies to big oil companies.…
Mr. Speaker, I thank my colleague for yielding.
I rise to urge defeat of the previous question to allow consideration of my legislation, the Big Oil Welfare Repeal Act, which would finally end middle class subsidies to big oil companies.
For too long, this Congress has perpetuated corporate welfare, saying job creators need incentives to continue growing this country, but last year, the largest oil companies reported a bottom-line profit of $93 billion--let me say that again, $93 billion--and yet, this Republican- led Congress continues to lavish subsidies and tax breaks on these highly-profitable companies.
We can not overlook that cuts to good programs continue during this second year of sequestration and, as we face the ever-present imperative to cut the deficit, Congress should rethink preferential treatment for Big Oil that burdens millions of hardworking Americans and small businesses which foot the bill for these subsidies.
For instance, we can save $9.2 billion over 10 years by repealing the outdated section 199 tax break, which designates oil production as a manufacturing activity, and gives Big Oil a 6 percent deduction from their income. This could be much better spent on real efforts to create jobs, increase revenue, and support local economies.
We could direct that funding towards infrastructure construction or education or keep it in the energy sector, to further incentivize renewable energy technology development, rather than perpetuate our reliance on fossil fuels.
These are real job creation efforts that Congress has supported in the past and are still needed to ignite economic growth; or we could use the savings from the bill to help fill the immediate need to pay for the shortfall in the highway trust fund, which will run out of money only weeks from now.
This means the House could leave this week without a solution to this impending crisis threatening to freeze construction projects and lay off workers, further imperiling our Nation's economic recovery.
There is no shortage of solutions Congress needs to reach this year, and many of them have steep price tags. By supporting the previous question, my colleagues can use a source of funds that oil companies won't miss to offset our to-do list.
With no signs from the majority about whether the House will ever move to consider tax reform, it remains unclear, when--if ever--the opportunity will arise again to reform the Tax Code, so that it reflects the needs and aspirations of working families and small businesses.
Mr. Speaker, I urge my colleagues to join with me in better prioritizing taxpayers' funds by defeating the previous question.