Obama Proposal May Levy $15B Tax On Oil Company Profits
Bloomberg:
Democratic presidential candidate Barack Obama's proposal for a windfall profits tax on oil companies could cost $15 billion a year at last year's profit levels, a campaign adviser said.
The plan would target profit from the biggest oil companies by taxing each barrel of oil costing more than $80, according to a fact sheet on the proposal. The tax would help pay for a $1,000 tax cut for working families, an expansion of the earned- income tax credit and assistance for people who can't afford their energy bills.







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First Posted: 05- 1-08 09:52 PM | Updated: 05- 9-08 05:12 AM