Final Presidential Debate: Debate Fact #3

~Snooper~

DEBATE FACT #3: BARACK OBAMA IS "MISLEADING" ON TAX CUTS FOR OIL COMPANIES

Summary:

Barack Obama is wrong when he says John McCain supports tax cuts for oil companies.

The Facts About Barack Obama's Record:

Barack Obama's Claim Is "Misleading" According To Non-Partisan Fact-Check Organizations

* FactCheck.org: Barack Obama Claim Is "Misleading" Because "McCain Is Not Proposing Any Special Tax Breaks For The Oil Industry." "The ad's claim that 'McCain wants to give [oil companies] another $4 billion in tax breaks' is also somewhat misleading. McCain is not proposing any special tax breaks for the oil industry. What he's proposing is a reduction in the corporate income tax rate for all companies." (Brooks Jackson And Emi Kolawole, "Obama's Overstatement," FactCheck.org, 8/4/08)

* PolitiFact: Obama's Statement "Barely True," As Obama Is "Cherry-Picking" On Tax Cut, As "The Corporate Tax Rate Reduction Would Apply To ALL Corporations." "Obama is cherry-picking here. The corporate tax rate reduction would apply to ALL corporations. Yes, Exxon Mobil, but also to Wal-Mart, General Motors and Home Depot, to name a few of the other Fortune 50 biggies. Even everybody's favorite, Starbucks, would get the same tax break. Obama's statement is technically true, but singling out oil companies suggests McCain has targeted oil companies for tax breaks. He hasn't. We rate Obama's statement, and the claim in the ad, Barely True." ("Big Oil, Like All Companies, Would Get Tax Break," PolitiFact.com, Accessed 8/4/08)

Barack Obama Said That He Too Supports Cutting Taxes For Corporations

* In A Wall Street Journal Interview, Barack Obama Said That He Was Considering Lowering Corporate Taxes. "Sen. Obama's nod to lowering corporate taxes comes as Republican s have been attacking him for proposals that would raise the cost of doing business, such as his pledge to raise the tax rate on capital gains, and his vow to increase the top income-tax rates, which are often used by small, unincorporated enterprises. He didn't say how deeply he would cut the rate, but said it could be trimmed in return for reducing corporate tax breaks, simplifying the tax system." (Bob Davis and Amy Chozick, "Obama Plans Spending Boost, Possible Cut In Business Tax," The Wall Street Journal, 6/17/08)

* Obama Economic Policy Director Jason Furman: "[Barack Obama] Would Like To Cut The Corporate Tax Rate, And It's A Question That We're Studying." (Brian Wingfield, "Obama's Taxing Policies," Forbes.com, 7/31/08)

Barack Obama Voted For The 2005 Energy Bill Containing Billions In Tax Breaks For Big Oil

* Barack Obama Voted For The 2005 Energy Bill. (H.R. 6, CQ Vote #152: Motion Agreed To 92-4: R 53-1; D 38-3; I 1-0, 6/23/05, Obama Voted Yea; H.R. 6, CQ Vote #158: Passed 85-12: R 49-5; D 35-7; I 1-0, 6/28/05, Obama Voted Yea; H.R. 6, CQ Vote #213: Adopted 74-26: R 49-6; D 25-19; I 0-1, 7/29/05, Obama Voted Yea)

* The 2005 Energy Bill Included $2.8 Billion In Subsidies For Oil And Natural Gas Production. "The conference agreement provides for $14.6 billion in tax breaks and credits between 2005 and 2015, including: -- $2.8 billion for fossil fuel production..." (Toni Johnson, "CQ Bill Analysis: HR 6," Congressional Quarterly's "CQ Bill Analysis", Accessed 7/14/08)

* Senator Hillary Clinton (D-NY): "When It Came Time To Stand Up Against The Oil Companies, To Stand Against Dick Cheney's Energy Bill, My Opponent Voted For It And I Voted Against It." (Aaron Burns, "Clinton Questions Obama's Oil Company Claims," Fox News' "Embeds" Blog, 4/25/08)