to big-oil executives as he sought $1bn in campaign donations could save the industry $110bn in tax breaks if he returns to the White House, an analysis suggests.
But the analysis shared with the Guardian shows that the biggest motivation for oil and gas companies to back Trump appears to be in the tax system, with about $110bn in tax breaks for the industry at stake should Joe Biden be re-elected in November’s election.“Big oil executivess are sweating in their seats at the thought of losing $110bn in special tax loopholes under Biden in 2025,” said Lukas Ross, a campaigner at Friends of the Earth Action, which conducted the analysis.
The API insisted its industry gets no favorable treatment in the tax system. “America’s energy industry proudly invests in communities, pays local, state and federal taxes and receives no special tax treatment from the federal government,” an API spokesperson said. Amid the scrutiny of last month’s Mar-a-Lago dinner, Trump is continuing to court oil-tied funders. On Tuesday evening, he held a Manhattan fundraising dinner that