Senators Reject Proposal to Tax Oil Industry's Windfall Profits
Posted on: Friday, 18 November 2005, 18:00 CST
By Lynn J. Cook, Houston Chronicle
Nov. 18--WASHINGTON -- The U.S. Senate shot down an oil industry windfall profit tax amendment proposed by senators Byron Dorgan, D-N.D., and Christopher Dodd, D-Conn., in a 44-55 vote on Thursday.
The amendment was attached to a bill to cut the budget deficit by $50 billion that was still being debated late Thursday. Their proposal set a ceiling of $40 a barrel and sought to levy an additional 50 percent excise tax on any profit above that price.
The vote split largely along party lines with two Democrats, Mary Landrieu of Louisiana and Ben Nelson of Nebraska, voting against it.
Two Republicans, Lincoln Chafee of Rhode Island and George Voinovich of Ohio, voted for it.
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Source: Houston Chronicle
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