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June 11, 2008

Republicans Block Windfall Profits Tax on Big Oil Companies

With gasoline prices topping $4 a gallon, Senate Democrats wanted the U.S. government to throttle back on the billions of dollars in profits being taken in by the major oil companies. But with the White House threatening a veto of the bill, the Senate voted 51-43 to close debate, well shy of the 60 votes needed to avoid a filibuster.

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1 comment:

Matt Duke said...

Thank God! I have Exxon stock and my 401(k) is partially invested in the oil industry.

All this would do is pass the tax down to consumers...