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Summary
Obama released a TV spot saying McCain's campaign got $2 million from "Big Oil" while McCain proposed "another $4 billion in tax breaks" for the industry.
The truth is that McCain's campaign has received $1.33 million from individuals employed in the oil and gas industry, not $2 million. Obama himself has received nearly $400,000, according to the most authoritative figures available. We find the $2 million figure is based on a mistaken calculation.
Furthermore, McCain is not proposing new tax breaks specifically targeted to the oil industry. He's proposing a general reduction in the corporate income tax rate, which Democrats figure would benefit the five largest oil and gas companies by $3.8 billion.
Check the Facts
Obama released a TV spot saying McCain's campaign got $2 million from "Big Oil" while McCain proposed "another $4 billion in tax breaks" for the industry.
The truth is that McCain's campaign has received $1.33 million from individuals employed in the oil and gas industry, not $2 million. Obama himself has received nearly $400,000, according to the most authoritative figures available. We find the $2 million figure is based on a mistaken calculation.
Furthermore, McCain is not proposing new tax breaks specifically targeted to the oil industry. He's proposing a general reduction in the corporate income tax rate, which Democrats figure would benefit the five largest oil and gas companies by $3.8 billion.
Check the Facts