$4 Billion Among Friends

Our guest blogger is James Kvaal, Domestic Policy Advisor at the Center for American Progress Action Fund.

Later today, Sen. John McCain (R-AZ) will visit the Petroleum Club of Denver to pick up a stack of cash for his presidential campaign. He should get a warm welcome from the oil and gas executives who show up.

The centerpiece of Sen. McCain’s plan to stimulate the economy — actually, the whole plan — is large tax cuts for corporations. It would deliver $3.8 billion in tax cuts to the five largest American oil companies, according to an analysis released today by the Center for American Progress Action Fund.

The analysis only looked at one of the McCain corporate tax breaks: the proposal to cut the top corporate tax rate from 35 percent to 25 percent. Read the whole analysis here.