by the Democratic Senatorial Campaign Committee
Todd Akin voted today to preserve special multi-billion dollar tax giveaways for his Big Oil cronies while Missouri families are paying sky-high prices at the pump. For the sixth time in five years, today Todd Akin voted to preserve these multi-billion dollar tax giveaways for Big Oil companies that are already making multi-billion dollar profits.
“Todd Akin is laying cozily in the pocket of Big Oil and protecting special multi-billion dollar tax giveaways to oil companies while Missouri families and businesses are paying sky-high gas prices.” said Matt Canter, Democratic Senatorial Campaign Committee spokesman. “While Big Oil companies reap nearly historic billion dollar profits, Missouri families are being squeezed by soaring gas prices. Perhaps Akin’s love for Big Oil’s campaign contributions has clouded his judgment. Missouri families need a senator who will stand up for them, not a politician who takes $48,000 from the oil industry and then votes for special tax giveaways to their Big Oil cronies.”
Akin has long pushed measures to pad Big Oil company profits instead of fighting to reduce the strain of rising gas prices on the pocket books of middle-class Missouri families. Time and again, Todd Akin stood hand-in-hand with Big Oil lobbyists by voting against measures that would have repealed special tax breaks and exemptions for Big Oil companies and instead fund efforts to invest in renewable energy and increased energy efficiency. To date, Akin has received nearly $48,000 in campaign contributions from the Big Oil industry.
Background:
Today, Akin voted to block a vote on a motion to repeal the Section 199 domestic manufacturing tax credit for the five largest oil companies. [Vote 293, 5/05/11]
Todd Akin Has Accepted $47,750 From The Oil And Gas Industry. Since beginning his congressional career, Akin has accepted $47,750 from the oil and gas industry. [Center for Responsive Politics, accessed 4/26/11]
Akin has repeatedly voted to protect tax breaks for big oil companies:
· In March 2011, Akin voted against a measure that would have repealed oil and gas production tax breaks for major integrated oil companies for the proposed two week period in the House budget continuing resolution. Rep. William Keating, who offered the motion to recommit, said, “Our alternative is an alternative of sensible spending cuts. Let’s stop sending taxpayer money to the most profitable companies in the world.” The motion failed, 176-249. [CQ Today, 3/01/11; HJR 44, Vote #153, 3/01/11]
· In 2008, Akin voted against considering the rule to allow the House to vote on the Renewable Energy and Energy Conservation Tax Act and allow for the House to vote on the legislation. The bill comprehensively invested resources into wind, solar, and geothermal energy systems. Furthermore, it extended tax credits to producers of cleaner burning bio-diesel and cellulosic alcohol based fuels. The legislation also eliminated a manufacturing tax deduction for larger oil and gas companies. The motion passed, 224-186. [Release, Majority Whip Jim Clyburn, 2/27/08; HR 5351, Vote 78, 2/27/08]
· In 2008, Akin voted against a motion to end debate on the Renewable Energy and Energy Conservation Tax Act and allow for the House to vote on the legislation. The bill comprehensively invested resources into wind, solar, and geothermal energy systems. Furthermore, it extended tax credits to producers of cleaner burning bio-diesel and cellulosic alcohol based fuels. The legislation also eliminated a manufacturing tax deduction for larger oil and gas companies. The motion passed, 214-189. [Release, Majority Whip Jim Clyburn, 2/27/08; HR 5351, Vote 80, 2/27/08]
Akin Opposed Repealing Tax Breaks for Big Oil. In 2007, Akin voted against shifting certain revenue from royalties and tax incentives from oil and gas companies into a reserve fund for alternative and renewable energies. The bill would require current offshore fuel producers who are not paying federal royalties to agree to pay royalties when fuel prices reach certain thresholds or pay fees based on how much fuel they produce. The bill passed 264-163. [New York Times, 1/19/07; Speaker Pelosi Press Release, 1/18/07; CQ Floor Votes, 1/18/07; HR 6, Vote 40, 1/18/07]
Akin Opposed Removing Tax Breaks for Big Oil Companies from Tax Bill. In 2006, Akin voted against a motion to instruct conferees negotiating H.R. 4297, the Tax Reconciliation Bill. The motion would instruct House conferees to 1) accept three bipartisan provisions from the Senate that would remove subsidies and close loopholes for large integrated oil companies, so that big oil companies would pay their fair share of taxes, and 2) strike the extension of the capital gains and dividend tax cuts. The total for these two proposals was $51 billion. In 2005, the top five oil companies reaped more than $100 million, three times their profits in 2002. The motion failed 190-232. [McDermott Talking Points, “Republicans Fight for Big Oil Subsidies and Loopholes”; HR4297, Vote 109, 4/27/06]
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