Trump’s Tax Plan: Enrich Big Oil Donors at the Expense of Working Families

Donald Trump has promised Big Oil donors he would lower their taxes, while the industry is bragging about profiting from rising oil prices

Washington, D.C. – This Tax Day, Americans are eligible for clean energy tax credits and rebates thanks to President Joe Biden’s clean energy plan. Donald Trump’s presidency, on the other hand, was a huge boon for Big Oil. Oil and gas giants received a $25 billion tax break and became the “greatest financial beneficiaries” of Trump’s 2017 tax law. Oil and gas companies paid an effective tax rate of two percent, forcing American families to bear the cost. And at his latest fundraiser – headlined by Big Oil donors – Trump promised to lower their taxes if reelected, just like he did while in office. 

Joe Biden is lowering costs for everyday Americans and making sure Big Oil pays their fair share – while Donald Trump is trying to give tax breaks to his wealthy oil and gas donors. 

“During his presidency, Donald Trump gave oil and gas companies everything they wanted — free rein to pollute our air and water, and historically low taxes, all while working families were left to foot the bill,” said Climate Power’s communications director Alex Glass. “A second Trump presidency means more of the same: Big Oil CEOs who are funding Trump’s campaign getting away with rampant profiteering and paying next to nothing in taxes. There’s only one candidate running to lower costs and fighting the climate crisis, and that’s President Biden.”

Trump has continued to court Big Oil with promises of huge tax breaks if reelected. In the last half of 2023, Donald Trump’s super PAC, which doubles as a slush fund for his legal defense, receiving at least 8.3 million in donations from oil and gas CEOs. With President Biden’s clean energy plan, the Biden-Harris administration is holding Big Oil accountable by making sure that they pay their fair share of taxes on their record profits.