For the first time, six of the giant oil companies — including ExxonMobil, Chevron, and Total — made more than $50 billion in combined profits in a single quarter last quarter, with ExxonMobil breaking the record for the highest corporate profits ever, at more than $11 billion.
Today, former Massachusetts governor Mitt Romney appeared on CNN’s American Morning to discuss an ad by Barack Obama that argues John McCain would give $4 billion in tax breaks to Big Oil. Romney declared the charge “dishonest” and “below the belt.” He claimed that McCain “doesn’t ask for any tax reduction for oil companies.” Watch it:
There is nothing dishonest about pointing out the fact that McCain’s plan to cut the corporate tax rate from 35 percent to 25 percent would give nearly $4 billion in tax breaks to the six largest oil companies. Ensuring that corporations pay dramatically fewer taxes is an integral part of McCain’s regressive tax plan that skews its benefits heavily toward the wealthy and offers little for the poor and middle class.
This Wonk Room analysis demonstrates the massive benefits for oil companies in McCain’s tax plan: