Claim: McCain isn't proposing a special tax break for oil companies, despite Joe Biden's mention  of the $4 billion cut they'd get. As we've noted previously, McCain's plan would cut the corporate tax rate from 35 to 25 percent — for ALL corporations, not just oil companies. It also would allow for immediate write-offs for companies buying new equipment and technology, and a tax credit of 10 percent of the amount companies spend on wages devoted to research and development.
Fact-check: Tax Cuts for Oil Companies? - FactCheck.org
Verdict: mccain isn't proposing a special tax break for oil companies, despite joe biden's mention  of the $4 billion cut they'd get. as we've noted previously, mccain's plan would cut the corporate tax rate from 35 to 25 percent — for all corporations, not just oil companies. it also would allow for immediate write-offs for companies buying new equipment and technology, and a tax credit of 10 percent of the amount companies spend on wages devoted to research and development.
Organisation: FactCheck.org
Author: Viveca Novak
Date published: 2008-10-02T16:39:29