Todd Akin: Standing Up for Big Oil, Not Missouri Families
Jefferson City, Mo.—The Missouri Democratic Party released the following statement today in response to Rep. Todd Akin’s announcement that he is a candidate for US Senate:
“Todd Akin’s extreme record of fighting for special interests speaks for itself,” said Caitlin Legacki, Missouri Democratic Party spokeswoman. “While Todd Akin votes to protect tax breaks for oil companies in exchange for $50,000 from his Big Oil friends, Missourians are getting gouged at the pump. In what will surely be a long, messy and expensive GOP primary, Missouri voters expect Todd Akin to answer a lot of important questions about where he really stands."
Since his election to Congress in 2000, Akin has established himself as a leading supporter of Big Oil and extreme special interests. While Big Oil companies continue to reap billion-dollar profits, Missouri families are paying nearly four dollars a gallon at the pump. Six times in the last five years, Akin voted to protect billions of dollars in federal subsidies for Big Oil companies.
· As recently as May 5, Akin voted to protect the Section 199 domestic manufacturing tax credit for the five largest oil companies. [Vote 293, 5/05/11]
· Meanwhile, 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 5/16/11]
· Akin has repeatedly voted to protect tax breaks for big oil companies:
o In March 2011, Akin voted against a measure that would have repealed oil and gas production tax breaks for major integrated oil companies for the proposed two-week period in the House budget continuing resolution. [HJR 44, Vote #153, 3/01/11]
o In 2008, Akin voted against considering the rule to allow the House to vote on the Renewable Energy and Energy Conservation Tax Act, which would allow for the House to vote on the bill. Included in the legislation was a provision to eliminate a manufacturing tax deduction for larger oil and gas companies. The motion passed, 224-186. [HR 5351, Vote 78, 2/27/08]
o In 2008, Akin voted against a motion to end debate on the Renewable Energy and Energy Conservation Tax Act, which would allow for the House to vote on the bill. Included in the legislation was a provision to eliminate a manufacturing tax deduction for larger oil and gas companies. The motion passed, 224-186. [HR 5351, Vote 78, 2/27/08]
· Akin Opposed Repealing Big Oil’s Tax Breaks. In 2007, Akin voted against shifting certain revenue from royalties and tax incentives for oil and gas companies into a reserve fund for alternative and renewable energies. The bill would have required 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]
· .After He Opposed Removing Tax Breaks for Big Oil Companies from 2006 Tax Bill. In 2006, Akin voted against a motion to instruct conferees negotiating H.R. 4297, the Tax Reconciliation Bill. The motion instructed House conferees to 1) Accept three bipartisan provisions from the Senate that would require big oil companies would pay their fair share of taxes by removing subsidies and closing loopholes for large integrated oil companies 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 previous year, 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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