Thursday, December 08, 2022

Biden will propose that oil and gas companies pay additional taxes in the US

WashingtonOctober 31 – US President Joe Biden on Monday asked oil and gas companies to use their record profits to cut costs and increase production, or pay a higher tax rate for Americans to control prices at gas stations. Will say

Biden will make his comments on 2030 GMT “In response to reports of major oil companies making record profits in recent days by refusing to help reduce pump prices for the American people,” the White House said in a statement.

A White House official said Biden would again ask oil and gas companies to “invest their record profits in reducing costs and increasing production for American households.”

“And if they don’t, he will ask Congress to consider requiring oil companies to pay tax penalties and face other sanctions,” he said.

Biden released these comments for a week before Americans would decide whether Democrats would remain in control of the US Congress.

Republicans are the favorite to take control of the House of Representatives, while the Senate can move to the Senate.

According to energy experts, as Democrats or Republicans gain control of Congress, it may be difficult to pass legislation taxing energy companies for their huge profits.

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