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Biden to Urge Congress to Consider Tax Penalties on Big Oil
Posted
October 31, 2022
Views
763
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October 31, 2022
763
14
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0:17Now PlayingPresident Joe Biden will call on Congress to consider tax penalties for oil and gas companies accruing record profits, according to a White House official, amid stubbornly high gasoline prices that are dragging on Democrats’ midterm prospects.
This could include a so-called windfall profit tax -- which Democrats have been proposing for more than a decade without success. The idea has renewed attention among progressives in Congress after gasoline prices spiked to more than $5 a gallon this summer.
Senator Ron Wyden, an Oregon Democrat and Biden ally who chairs the tax-writing Finance Committee, has floated a proposal that would impose a new federal surtax on oil companies that record a profit margin better than 10%.
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