Obama was off the mark when he said that oil companies have “68 million acres that they’re not using.” As we’ve pointed out previously, those 68 million acres of land are not producing oil, but they are not necessarily untouched. In fact, in 2006, the last year for which figures are available, there were a total of more than 15,000 holes that were being proposed, started or finished. These acres of land that these holes sit on are not counted as being “producing,”... Click to Read the Full Post
McCain isn’t proposing a special tax break for oil companies, despite Joe Biden’s mention (more than once) of the $4 billion cut they’d get. As we’ve noted previously, McCain’s plan would cut the corporate tax rate from 35 to 25 percent — for ALL corporations, not just oil companies. It also would allow for immediate write-offs for companies buying new equipment and technology, and a tax credit of 10 percent of the amount companies spend on wages devoted to research... Click to Read the Full Post
Palin threw out an old canard when she criticized Obama for voting for the 2005 Energy bill, saying, “that’s what gave those oil companies those big tax breaks.” It’s a false attack Clinton used against Obama in the primary and McCain himself has hurled. It’s true that the bill gave some tax breaks to oil companies, but it also took away others. And according to the Congressional Research Service, the bill created a slight net increase in taxes for the oil industry. Read More →
