Obama for America

DEBATE REALITY CHECK: MCCAIN OPPOSED A WINDFALL PROFITS TAX

Today, Joe Biden said: “But John McCain will not support a windfall profits tax. They have made $600 billion since 2001, and John McCain wants to give them all by itself separate, no additional bill, all by itself another $4 billion tax cut. … So I hope the governor is able to convince John McCain to support our windfall profits tax, which she supported in Alaska, and I give her credit for it.” [Vice Presidential Debate, 10/2/08]

FACT: MCCAIN HAS REPEATEDLY OPPOSED A WINDFALL PROFITS TAX AND HIS TAX PLAN GIVES OIL COMPANIES $4 BILLION IN TAX BREAKS

· McCain’s Tax Plan Will Cut Taxes For Oil Companies by Nearly $4 Billion – Including $1.2 Billion for Exxon. A study by the Center for American Progress Action Fund noted that the corporate tax rate cut included in the McCain tax plan “would deliver a $3.8 billion tax cut to the five largest American oil companies” – ExxonMobil, Chevron, ConocoPhillips, Valero Energy, and Marathon. According to their analysis of Exxon’s financial statements, the company would receive a tax savings of $1.2 billion under the McCain plan. [“The McCain Plan to Cut Oil Company Taxes by Nearly $4 Billion ,” Center for American Progress Action Fund, 3/27/08]

· McCain Voted Against A One-Year Tax On Oil Companies To Fund Low Income Energy Assistance. McCain voted against considering an amendment to the 2005 Tax Relief legislation that provided $2.92 billion in FY 2006 for the Low-Income Energy Assistance Act. The legislation was offset by imposing one year levy on excess profits of U.S. oil companies and foreign companies that do substantial U.S. business. [2005 Senate Vote #339, 11/17/2005]

· McCain Voted Against Making Gasoline And Energy Price Gouging A Federal Crime. McCain voted against making price gouging on energy products, services or markets a federal crime. [S. 2020, Vote 334, 11/17/05; Motion Rejected 57-42: R 13-42; D 43-0 (ND 39-0, SD 4-0); I 1-0.]

· McCain Voted Against A Windfall Profits Tax On Big Oil. McCain voted against imposing a temporary 50 percent tax on oil company profits from the sale of crude oil. Funds collected from the tax would be used to provide a consumer tax credit for petroleum products. [Vote 331, S. 2020, Motion rejected 35-64: R 0-55; D 34-9 (ND 33-6, SD 1-3); I 1-0, 11/17/05; Houston Chronicle, 11/17/05; Las Vegas Review-Journal, 11/18/05; Environment and Energy Daily, 11/18/05]