Democrats attack 'obscene' oil profits with new tax hike, accuse industry of 'cartel pricing'

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House and Senate Democrats are proposing a new wave of taxes on oil companies to attack what they call 'price gouging,' after President Biden called oil profits 'outrageous.'

Under their bill, oil companies that produce at least 300,000 barrels of oil per day will be hit with a quarterly tax that equals 50% of the difference between current oil prices and the average price per barrel between 2015 and 2019. This so-called "clawback" tax would apply to oil profits beginning last year.

The lawmakers estimate that with current prices between $90 and $100 a barrel, their bill would impose about $48 billion in additional taxes on the biggest oil companies, and return about $255 each year to individual tax filers, and $382 each year to families.

 

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How about attacking the real Cartel bringing in over 1,000,000 pills, that were confiscated LAST WEEK alone! Your priorities are misguided Mr. Maggoo! Biden is the worst President in US history!

Joey loves the cartels. Helps them out a lot.

I tell you what’s obscene….the fact that you’re the president.

Oil will rise again, there is no doubt

How about Big Pharma?

Hope they go after big pharma too.

Aim it at Wall Street. The Market decides the prices. The Market can go up and the Market can come down on the same barrel of oil at any time of the day. Same barrel sitting there... different Market price.

Here we go, higher gas prices are about to set new records once again, which means every product and service we purchase will be even more expensive. That tax will be passed on, happens every time.

This will raise gas prices further ..

The socialist democrats continue their war against America.

Biden is again selling off the SPR to China.

Higher taxes for oil companies, equal higher gasoline prices for the rest of us

But under Trump this wasn't an issue. Hmmm. 🤔

Liberals believe his bs.

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