Oil windfall profits tax shot down in US
Energy companies spared from tax clampdown after Bill is narrowly defeated in the US Senate
Republicans in the US Senate have shot down moves to charge oil companies a
windfall profits tax.
The proposals, which were coined as the ‘Consumer First Energy Act,’ were
floated to combat the rapidly rising price of gasoline but needed 60 votes to be
pushed through but only received the backing of 51 senators.
Pressure groups in the UK have called for similar moves to be made after
energy
companies made bumper profits.
Further reading:
Union
urges PM to impose windfall tax on companies