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Mayor Zimmer joins Senator Menendez’s “close oil tax loophole”

Office of the Mayor announces:

MAYOR ZIMMER STANDS WITH SENATOR MENENDEZ TO HIGHLIGHT THE “CLOSE BIG OIL TAX LOOPHOLES ACT”

Mayor Dawn Zimmer joined and introduced Senator Robert Menendez in front of the BP gas station in Hoboken on Monday morning to support his efforts to close a series of tax loopholes for oil companies — changes which would save New Jersey taxpayers at least $750 million over 10 years. They were joined by Freeholder Anthony Romano, NJ Citizen Action Organizer Adam Sherman, Quality of Life Coalition Representative JD Capoano, and several members of the Quality of Life Coalition. Mayor Zimmer and Adam Sherman’s prepared remarks are provided below.
Remarks by Mayor Dawn Zimmer
Good morning and thank you for joining us.
It’s always a pleasure to join our home town Senator and especially today to highlight such an important issue.
When I watch the news reports of the disaster in the Gulf, my heart breaks for everyone in the region affected by this tragedy: the livelihoods lost, the environment ruined, the local economies battered.

But if there is a silver lining to this disaster, it’s that the country is seeing with its own eyes the often hidden costs of our addiction to fossil fuels. We’ve been taking steps to make Hoboken a greener, more energy efficient, and less car-dependent city, but this problem requires a comprehensive, national approach.
That’s why I’m proud that our Senator has been leading the fight on this issue — from raising the liability cap on oil companies, to highlighting the fact that offshore drilling is “not too safe to fail”, to pushing for a green 21st century energy plan, and fighting to close loopholes that give away billions of taxpayer dollars to some of the most profitable companies in the world.

He’s been an outspoken leader, advocate, and tireless fighter for the people of New Jersey.

It’s my pleasure to introduce and welcome our Senator, Bob Menendez.
Statement of Adam Sherman, Central Jersey Organizer, NJ Citizen Action
Good morning, my name is Adam Sherman. I am the Central Jersey Organizer for NJ Citizen Action, the State’s largest, independent citizen watchdog coalition representing over 60,000 family members and 100 affiliated organizations. We work to protect and expand the rights of individuals and families and to ensure that government responds to the needs of people, rather than those with money and power.

And that is just what the Close Big Oil Tax Loopholes Act does. We are proud to stand with Senator Menendez today who, by authoring and sponsoring this critical legislation is responding to the needs of millions of working families in this state and across the country rather than extremely profitable multi-billion dollar oil companies. Oil companies do not need, nor should we continue to give them, tax loopholes that pad their already high profit margins at the expense of American taxpayers

Despite experiencing a near collapse of our economy, giant oil companies have made record profits in recent years at the same time that many people in New Jersey have lost there job or have seen their wages cut or frozen. Citizen Action talks to working families and seniors every day through our door to door canvass and every day we talk to folks who are struggling to make ends meet and hope for a better life for their children. And they pay their taxes.
It is estimated that The Close Big Oil Tax Loopholes Act will generate more than $20 billion over ten years for taxpayers. Based on the proportion of federal taxes paid by New Jersey residents, passage of this legislation would bring between $750 million to $1 billion for New Jersey tax payers. As we all know, New Jersey is facing a critical budget shortfall, unemployment is stuck at dangerously high levels and we are looking at cutting support for our state’s schools and critical safety net programs. More money coming to New Jersey by eliminating tax breaks for big oil companies is just the kind of help we need from Washington. And if giant oil companies pay their fair share, we should be able to lower taxes for everyone else.
Once again, and on behalf of all of our members, we want to thank Senator Menendez for proposing this bill. Citizen Action looks forward to working with Senator Menendez and will be using the full resources of our coalition to work for passage of this legislation.

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