Senate Democrats seek to tax oil companies
Lawyer News
Senate Democrats called Wednesday for a limited windfall profits tax on the largest oil companies and a rollback of $17 billion in oil industry tax breaks as part of an energy package that also would impose federal penalties on energy price gouging.
Senate Republicans strongly oppose those measures, which are widely viewed as having little chance of being enacted. Even then, they would almost certainly prompt a veto by President Bush.
The 25 percent windfall profits tax would apply only to oil companies that "fail to invest in increased (production) capacity and renewable energy sources," according to a summary of the proposals released by Senate Majority Leader Harry Reid's office.
The energy proposals also seek to halt deliveries of oil into the government's Strategic Petroleum Reserve until oil prices drop to $75 a barrel.
Related listings
-
Answers to tax rebate questions
Lawyer News 04/30/2008Q: When do I get my economic stimulus payment (aka tax rebate)? A: Some people may actually see their money as early as today. Here's the schedule, if you filed your federal tax return by the April 15 deadline and the IRS processed it by then. If you...
-
US government begins tax rebates to stimulate economy
Lawyer News 04/28/2008[##_1L|1183324311.jpg|width="140" height="135" alt=""|_##]The US government began giving out tax rebates Monday in hopes the instant cash will spark consumer spending to revive an economy many analysts believe is in recession. The Internal Revenue Se...
-
Tax rebates to start going out Monday
Lawyer News 04/25/2008[##_1L|1136677849.jpg|width="128" height="81" alt=""|_##]Rebates from the 2008 economic-stimulus package are set to begin going out Monday, President Bush said, reiterating that the infusion of cash will help lift the U.S. economy out of its ongoing ...
New York Commercial Litigation Law Firm - Woods Lonergan PLLC
Founded in 1993 by Managing Partner James F. Woods, Woods Lonergan PLLC has built a strong reputation as a resourceful and industrious firm that provides clients with clear, concise, and straightforward answers to their most challenging legal issues. Partner Lawrence R. Lonergan, who joined the firm in 2008, has been a friend and colleague to Mr. Woods for over 40 years and shares the same business philosophy. Woods Lonergan PLLC’s collective experience and expertise enables the firm to expeditiously and effectively analyze the increasing challenges clients face in an evolving business and legal world, in many instances, avoiding unnecessary time and expense to our clients. Our mission is simple: provide cutting-edge expertise and sound advice in select areas of the law for corporate and business clients. We thrive on providing each client with personalized attention, forceful representation, and a collaborative team effort that embraces collective knowledge.