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Stop the oil company welfare checks

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Why is Tom McClintock fighting so hard to keep oil companies’ “subsidies”? Subsidies are tax dollars going to the oil companies. He said on the House floor, “We are on the verge of bankruptcy.” McClintock sits on the Natural Resources Committee, the very committee where these bills calling for an “end to the oil company welfare checks” go to die. Why is he sitting on these bills that would cut off the welfare checks to oil companies? After all, oil companies are bringing in tremendous profits while getting tax-refunds from corporate loopholes (a bill blocked by McClintock’s Budget Committee). If Conoco paid just 25 percent (not 35 percent the GOP complains about) on only the “profits” (after-tax breaks and operating costs), that’s $39 billion, from one company. McClintock, I thought you said we were on the verge of bankruptcy? McClintock says that corporations shouldn’t pay taxes. But Exxon, Shell and Conoco pay billions to other countries (Canada, Russia, Europe and African countries). Look at their financial statements online. These same companies hold clam to be U.S. businesses because they still want the U.S. Constitutional protection, but McClintock doesn’t want them to pay for it. Dink Lane, Garden Valley