Policy gradient methods for language model reasoning, such as GRPO and DAPO, assign uniform credit to all generated tokens - the filler phrase "Let me think" receives the same gradient update as the critical calculation "23 + 45 = 68." We propose counterfactual importance weighting: mask reasoning spans, measure the drop in answer probability, and upweight tokens accordingly during policy gradient updates. Our method requires no auxiliary models or external annotation, instead importance is estimated directly from the policy model's own probability shifts. Experiments on GSM8K across three models spanning the Qwen and Llama families demonstrate consistent improvements over uniform baselines and faster convergence to equivalent accuracy. Inverting the importance signal hurts performance, confirming we capture genuine causal structure rather than noise. Analysis shows the method correctly prioritizes calculation steps over scaffolding text. We view these findings as establishing counterfactual importance weighting as a foundation for further research rather than a complete solution.