House Democrats Want Tax On 'Excess' Oil, Gas Profits

Law360, New York (January 19, 2012, 5:51 PM EST) -- Democrats in the U.S. House of Representatives introduced a bill Wednesday that would tax oil and gas company profits that exceed a predetermined amount in order to fund tax credits for fuel-efficient cars and fare reductions for mass transit systems during gas price spikes.

H.R. 3784, known as the Gas Price Spike Act, aims to set up a committee called the Reasonable Profits Board, which would be composed of three persons appointed by the president and would determine a reasonable profit margin for crude oil, natural...
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