| The Senate is expected to vote today on whether to consider a windfall profits tax against the five largest U.S. oil companies. The bill would also roll back $17 billion in tax breaks the companies expect to receive over the next decade. The bill needs 60 votes to proceed in the face of a threatened GOP filibuster. Minority Leader Harry Reid said if he doesn't get 60 votes, he'll pull the bill from the floor.
Good luck, Harry. Republicans aren't about to stand up to Big Oil now that they've done so much to help McCain's campaign.
McCain Has Received Almost Twice as Much in Donations from Oil and Gas Industry PACs and Employees as Obama or Clinton. According to the nonpartisan Center for Responsive Politics, John McCain's campaign has received $723,777 in donations from oil industry political action committees and employees during his 2008 presidential campaign, almost twice as much as Barack Obama or Hillary Clinton. (Center for Responsive Politics, accessed 5/31/08)
Besides, Big Oil has done well for itself thanks to Republicans voting along party lines: The five largest oil companies made $525.3 billion in profits under the Bush administration - $123.3 billion in 2007 alone and an additional $36 billion during the first three months of this year.
Where does Barack Obama stand on windfill profits?
"I'll make oil companies like Exxon pay a tax on their windfall profits, and we'll use the money to help families pay for their skyrocketing energy costs and other bills."
Compare that to McCain's plan.
McCain's Tax Plan Gives $3.8 Billion in Tax Cuts to the Top Five Oil Companies. McCain's current plan would deliver $3.8 billion in tax cuts to the five largest American oil companies. ("The McCain Plan to Cut Oil Company Taxes by Nearly $4 Billion," Center for American Progress Action Fund, 3/27/08)
McCAIN VOTES TO PROTECT BIG OIL'S PROFITS McCain Skipped a Vote to Repeal Tax Breaks for Oil Companies. In 2007, McCain was the only senator to miss a vote on the energy bill repealing tax subsidies for oil companies. (H.R. 6, Vote 425, 12/13/07)
McCain Voted Against Curtailing Oil Companies' Windfall Profits to Give a Tax Rebate to Working Families. In 2005, McCain voted against imposing a temporary windfall profits tax on oil companies and using the proceeds to provide nonrefundable tax credits to working families. (S.Amdt. 2635, Vote 341, 11/17/05; S.Amdt. 2587, Vote 331, 11/17/05)
McCain Voted to Protect Tax Breaks for Big Oil. Earlier, McCain opposed eliminating tax breaks for oil and natural gas companies related to depletion and drilling costs. (S.Amdt. 2782/H.R. 776, Vote 159, 7/29/92)
The comparison is clear: Obama cares about working families, McCain only cares about Big Oil.
UPDATE: Not surprisingly, the Democrats failed, 51-43, to get the 60 votes needed to overcome a GOP filibuster and bring the energy package up for consideration. |
