29 Apr '11, 3pm

Venezuela Imposes Windfall Oil Tax, Funds Will Support Social Programs

Yesterday, we reported on attempts to reduce gas prices by President Obama by eliminating oil subsidies and by Dennis Kucinich (D-OH) who wants to place a windfall profits tax on oil companies through his Gas Price Spike Act. The Kucinich bill would also give tax credits for the purchase of ultra efficient vehicles, and provide federal grants to reduce mass transit fares. Yet Republicans countinue to argue this would constitute a tax increase on oil companies, which would reduce the industry's competitiveness discourage domestic oil exploration. Oil companies are reporting record profits for the first quarter of 2011 - increasing 50% or more over last year. And this comes when Republicans are forcing drastic spending cuts across the board in programs that create jobs and provide necessary services to our economy and society. Look to Venezuela Venezuela announced it is impo...

Full article: http://www.sustainablebusiness.com/index.cfm/go/news.disp...

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