GAS PRICES FACT: Republican Politicians Want To Cut Big Oil’s Taxes Even More

Both the House Republican budget plan released last year (and supported by nearly every Republican member of the House and Senate) and the tax plans of every GOP presidential contender call for cutting the corporate tax rate by one-third or more. This huge tax cut could result in another big windfall of billions of dollars for Big Oil. By contrast, President Obama has proposed closing wasteful tax loopholes and wants to clamp down on the use of foreign tax shelters (ExxonMobil uses at least 20) that allow huge corporations to avoid paying their fair share in U.S. taxes.

This fact was first featured in the ThinkProgress Progress Report: “Five Facts About Gas Prices.”