Organizing for America

DEBATE REALITY CHECK: TAXES AND THE ENERGY BILL

DEBATE REALITY CHECK

THE 2005 ENERGY BILL ACTUALLY RAISED TAXES ON OIL COMPANIES

Fact Check.org: Describing The 2005 Energy Bill As “Corporate Welfare” Is “Misleading.” “McCain attacked Obama for voting for ‘corporate welfare’ for oil companies. In fact, the bill Obama voted for raised taxes on oil companies by $300 million over 11 years while providing $5.8 billion in subsidies for renewable energy, energy efficiency and alternative fuels. … Describing such a complex measure as ‘corporate welfare’ is misleading.” [FactCheck.org, 9/5/08 ]

Fact Check.org: Congressional Research Service Showed That The Energy Bill Actually Raised Taxes On The Oil And Gas Industry. The Associated Press reported, “The 2005 act that [is described] as packed with billions of dollars in oil industry breaks actually raised taxes on the oil and gas industry by about $300 million over 11 years, according to the Congressional Research Service. The nonpartisan analysis found $2.6 billion in tax cuts for the oil and gas industry and $2.9 billion in tax increases. The bulk of tax breaks went to other sources of energy, including alternative fuels favored by both Clinton and Obama.” [Associated Press, 2/15/08]

MCCAIN’S CAMPAIGN CO-CHAIR CALLED THE 2005 ENERGY BILL THE “BIGGEST LEGISLATIVE BREAKTHROUGH WE HAVE SINCE I HAVE BEEN IN THE SENATE” AND IT HAS CONTRIBUTED TO A DRAMATIC INCREASE IN WIND POWER

McCain Campaign Co-Chair Lindsey Graham Said The 2005 Energy Bill “Is The Biggest Legislative Breakthrough We Have Had Since I Have Been In The Senate.” Sen. Lindsey Graham said of the 2005 Energy Bill that invested in renewable and alternative energy, and which John McCain voted against and Barack Obama for: “This is the biggest legislative breakthrough we have had since I have been in the Senate,” said Graham. “The passage of the energy bill will make us less dependent on Middle East oil, expand and diversify our energy resources, and provide billions for hydrogen research.” [Graham press release, 7/29/05 ]

McCain Voted Against The 2005 Energy Bill that Contributed to a Dramatic Increase in Wind Power. McCain voted against the Energy Policy Act of 2005, which, as USA Today noted, contributed to a dramatic increase in wind power generation: “The U.S. wind power grew 45% in 2007, the sharpest rise since the 1980s, as developers responded to a federal tax credit, a growing number of state renewable energy mandates and global warming concerns, the American Wind Energy Association said Thursday.” [2005 Senate Vote #213, 7/29/05; 2005 Senate Vote #212, 7/29/05; USA Today, 1/17/08]

McCain Was The Only Senator To Miss A Vote On Legislation To Revoke $13.5 Billion In Tax Breaks From The Five Largest Oil Companies To Invest In Renewable Energy; McCain’s Staff Noted That He Would Have Opposed The Bill Had He Voted. John McCain supported the filibuster of the 2007 energy bill that would have stripped tax cuts for oil companies and instead fund tax incentives for renewable energy. While McCain was the only senator to miss the vote on the bill, according to his staff he did, in fact, support the continuing the filibuster. According to the San Francisco Chronicle, the bill that was defeated “would have revoked $13.5 billion in tax breaks from the five largest oil companies. The money would have been redirected into tax incentives for solar, wind, geothermal, biomass, wave energy and other renewables. … But the measure failed on a 59-40 vote, falling one vote shy of the 60 votes needed to end debate and move the bill forward.” [HR 6, Senate Vote 425, 12/13/07, Failed 59-40: R 9-39 D 48-1 I 2-0; Forbes, 12/13/07; San Francisco Chronicle, 12/14/07]