Coverage dated October 30, 2022 to October 31, 2022
Biden's oil windfall tax would backfire, warns Larry Summers
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By Matt Egan, CNN Business Economist Larry Summers is pushing back after President Joe Biden floated the possibility of punishing the oil industry for high prices by imposing a windfall profit tax. “I’m not sure [I] understand the argument for a windfall profits tax on energy companies,” Summers sai…
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While gas prices have fallen to $3.76 on average nationally, the White House says they should be lower, given declines in global oil prices over the same period.
By Phil Mattingly, Betsy Klein, Nikki Carvajal and Maegan Vazquez, CNN President Joe Biden escalated weeks of sharp warnings to energy producers on Monday by floating a so-called “windfall” tax on their corporate profits, calling out major gas companies for racking up gains from a spike in prices he…
A week before the midterm elections and a threatened shellacking for Democrats, President Biden proposed a windfall tax on oil and gas companies to give the appearance of doing something on skyrocketing energy prices.
President Joe Biden is raising the possibility of imposing a windfall tax on oil companies if they don’t boost domestic production. This comes as his administration aims to combat high
President Joe Biden criticized the recent earnings of major oil companies, urging them to invest profits in increasing production or face possible penalties.
President Joe Biden will propose taxing energy companies' profits as the White House attempts to lower fuel prices ahead of the November midterm elections.
President Joe Biden threatened to pursue higher taxes on oil companies if they do not try to lower gas prices. Any new proposed taxes on the businesses could run into opposition in Congress. Biden has highlighted efforts to reduce costs for consumers as voters worry about inflation ahead of the Nov.
In an address to the nation on Monday, President Joe Biden raised the specter of a windfall tax on energy companies that refuse to boost domestic production to bring down oil and gas prices which will weigh on midterm elections on November 8th
President Joe Biden will call on Congress to consider tax penalties and other consequences for oil and gas companies accruing record profits even as gasoline prices remain high at the pump, according to a White House official.
President Joe Biden declared Monday that he would work with Congress to tax the windfall profits of major oil companies unless they lower gasoline prices.
President Joe Biden is planning to escalate weeks of sharp warnings to energy producers on Monday by floating a so-called "windfall" tax on their corporate profits, calling out major gas
US President Joe Biden plans to seek tax penalties for oil companies unless they invest their record profits in lowering household costs and ramping up
By Matt Egan, CNN Business Economist Larry Summers is pushing back after President Joe Biden floated the possibility of punishing the oil industry for high prices by imposing a windfall profit tax. “I’m not sure [I] understand the argument for a windfall profits tax on energy companies,” Summers sai…
President Joe Biden endorsed a windfall tax on the profits of oil and gas companies, which he has accused of unethically profiting from high energy prices, if they don't spend more of their earnings on lowering costs.
President Joe Biden’s threat to slap a tax on oil-company profits is more bluster than threat as the clock runs out on the administration’s efforts to tame fuel prices ahead of midterm elections.
Former President Bill Clinton's Treasury Secretary Larry Summers criticized President Joe Biden's plan to tax the windfall profits of major oil companies.
President Joe Biden threatened oil companies Monday with a higher tax on "windfall" profits, if they do not start increasing production to bring down gas prices. "Record profits today are not because they're doing something new or innovative.
President Joe Biden on Monday called on oil and gas companies to use their record profits to lower costs for Americans and increase production, or pay a higher tax rate,
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