If you want to see American Republican grift in action, there can be no better example than what is.currently happening in the US Senate.
Not content with all the bad things in Trump's sprawling Big Beautiful Bill - which would slash tax credits for solar, wind, electric vehicles and hydrogen, among other measures - Republican Senator James Lankford from Oklahoma has proposed allowing oil and gas companies subject to the 15% Corporate Alternative Minimum Tax (CAMT) to deduct drilling costs when calculating their taxable income.
While that doesn't sound particularly important at first blush, the non-profit Tax Foundation calculates that this amounts to a giveaway of over $1 billion over ten years to the oil and gas industry. A bunch of oil companies have been lobbying for it from some time, ever since Joe Biden brought in the CAMT to prevent corporations from using deductions and credits in order to pay little or no tax.
Oh, and by the way, Oklahoma happens to be among America's top oil-and-gas-producing states, and Senator Lankford has received well over half a million dollars in campaign contributions from the oil and gas industry since 2019.
Is that all a bit clearer now?
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