Democrats prepare to quadruple oil tax
This is really bright. Dems what to impose a tax on all oil companies whether they are responsible for the oil spill or not. Why not impose the penalty on the company responsible?
Responding to the massive BP oil spill, Congress is getting ready to quadruple—to 32 cents a barrel—a tax on oil used to help finance cleanups. The increase would raise nearly $11 billion over the next decade.
The tax is levied on oil produced in the U.S. or imported from foreign countries. The revenue goes to a fund managed by the Coast Guard to help pay to clean up spills in waterways, such as the Gulf of Mexico. . . .
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