By slashing the corporate income tax rate and providing several other breaks enacted in both 2017 and 2025, Trump’s policies have reduced the federal income tax bills of these companies by two-thirds or more. By paying this tax rate instead of the 21 percent rate the law prescribes, Chevron and ExxonMobil collectively received $16.8 billion in federal tax breaks during this five-year period. Much of these tax breaks were likely attributable to the bonus depreciation tax breaks created by Trump’s 2017 and 2025 corporate tax cuts. And Trump has demonstrated friendliness to padding the profit margins of major oil companies quite recently. But this hardly needed to be said, since Trump’s 2017 tax law had already slashed the corporate income tax rate.