Q: What kind of tax breaks does the U.S. give to oil companies and to corporations that send jobs overseas?
A: Companies with overseas subsidiaries can keep their income untaxed by the IRS if they don’t transfer that revenue back to the U.S. Oil and gas companies received tax breaks and subsidies from a 2005 energy bill, but the bill led to a net tax increase for them.
Issues: oil companies
When Democrats Attack
Gauging by the attack ads flowing from the Democratic Congressional Campaign Committee, the party’s House contenders are running against Exxon, Pfizer and Bush. The ads tie Republican House candidates to unpopular industries and an unpopular President. Some of these ads are exaggerations.
Distortions in the Desert
Democratic challenger Jim Pederson inaccurately portrays incumbent Sen. Jon Kyl’s voting record on energy policy. He says Kyl “voted oil corporations billions in special tax breaks” when in fact Kyl was one of the few Republicans to oppose tax breaks in the recent energy bill.