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| Senate Democrats Unveil New Energy Tax Plan WASHINGTON -- Democrats in the U.S. Senate on Wednesday unveiled a new energy package that would revoke $17 billion in tax breaks extended to big oil companies like Exxon Mobil Corp and slap a 25 percent windfall profits tax on firms that don't invest in new energy sources, Reuters reported. The Consumer-First Energy Act -- assembled by Senate Majority Leader Harry Reid and other key Democrats -- would also stop the Energy Department from filling the Strategic Petroleum Reserve until crude oil prices average $75 a barrel or less for 90 days, Reuters reported. -- NYSSCPA.org News Staff Posted on 5/7/08 |
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