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U.S. House passes bill that would tax oil companies US$18 billion per year

U.S. House passes bill that would tax oil companies US$18 billion per year

The U.S. House of Representatives has approved US$18 billion in new taxes on the largest oil companies as Democrats cited record oil prices and rising gasoline costs in a time of economic troubles.
The money collected over 10 years would provide tax breaks for wind, solar and other alternative energy sources and for energy conservation. The legislation, approved 236-182 on Wednesday, would cost the five largest oil companies an average of US$1.8 billion a year over that period, according an analysis by the House Ways and Means Committee. Those companies earned US$123 billion last year.
The White House said the bill unfairly takes aim at the oil industry. U.S. President George W. Bush is expected to veto the legislation if it passes a vote by Congress.
Republicans said the measure unfairly targeted a single industry.


Updated : 2021-04-14 22:42 GMT+08:00