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WASHINGTON - Senate Republicans blocked a proposal Tuesday to tax the windfall profits of the largest oil companies, despite pleas by Democratic leaders to use the measure to address America's anger over $4 a gallon gasoline.
The Democratic energy package would have imposed a tax on any "unreasonable" profits of the five largest U.S. oil companies and given the federal government more power to address oil market speculation that the bill's supporters argue has added to the...
Separately, Democrats also failed to get Republican support for a proposal to extend tax breaks for wind, solar and other alternative energy development, and for the promotion of energy efficiency and conservation. The tax breaks have either expired or are scheduled to end this year.
Originally posted by bodrul
either way the oil companies will make record profits and not lose a dime
as they will just shift the costs to the consumers.
Originally posted by HHH Is King
So continue seeing 40.8 BILLION dollar PROFIT, MONEY that goes into their bank accounts, by one oil company while we shell out an entire paycheck just so we can... drive to work to make another paycheck to fill the tank to drive to work.