Firms, Big Oil Lobby Gave $23M to GOP & Allied Groups Pushing Cuts’ Extension

Today, ahead of the Senate GOP's effort to push through their billionaire-backed reconciliation bill, Americans for Tax Fairness and Evergreen Action released a new analysis revealing that just one of the Trump Tax Giveaways extended under this bill has provided the CEOs of America's six largest fossil-fuel companies over $15 million in personal tax savings during its first seven years. This figure doesn't account for numerous other loopholes and giveaways they could personally exploit. The bill also includes additional dirty-energy provisions that benefit Big Oil's bottom line and industry donors by opening more public lands for drilling, weakening environmental safeguards, and preserving Big Oil's sweetheart deals at taxpayers' expense.

"Big Oil's CEOs should focus on providing reliable, affordable, and sustainable energy that doesn't harm the climate—not on lobbying for personal tax cuts," said David Kass, ATF's executive director. "The highly profitable corporations they run already received a two-fifths reduction in corporate tax rates eight years ago, but the portion of the bill reducing their personal taxes expires this year. Now, Big Oil CEOs hope their companies' campaign contributions will themselves even richer. Make no mistake: many of the same communities these Big Oil companies regularly pollute will be the ones losing life-sustaining Medicaid coverage and nutrition programs to pay for Trump's disastrous tax bill."

“It’s outrageous—but not surprising—that Big Oil CEOs are pocketing millions in personal tax breaks which Republicans are paying for by killing clean energy investments and stalling climate progress,” said Evergreen Action Executive Director Lena Moffitt. “This reeks of corruption, plain and simple. Fossil fuel executives are bankrolling politicians who turn around and gut the very programs designed to protect our health, our communities, and our future. While Big Oil CEOs get richer, the rest of us are left to suffer through a climate crisis they created. Republicans are sending a clear message: If you’ve got money, you get special treatment."

Analysis Highlights: 

POTENTIAL PERSONAL TAX SAVINGS OF OIL COMPANY CEOs
FROM TRUMP TAX LAW’S REDUCTION  IN RATES, 2018-24 

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Americans for Tax Fairness (ATF) is a diverse coalition of more than 420 national, state, and local endorsing organizations united in support of a fair tax system that raises revenue from the wealthy and big corporations to support investments that build our economy for all.