Harry Reid - Should corporations pay heavier taxes on windfall profits?

Reid sponsors windfall profit tax on oil

S. 2991: A bill to provide energy price relief and hold oil companies and other entities accountable for their actions with regard to high energy prices, and for other purposes.

Sponsor: Sen. Harry Reid [D-NV]

Cosponsors [as of 2008-05-08]
Sen. Sherrod Brown [D-OH]
Sen. Benjamin Cardin [D-MD]
Sen. Richard Durbin [D-IL]
Sen. Dianne Feinstein [D-CA]
Sen. Daniel Inouye [D-HI]
Sen. Tim Johnson [D-SD]
Sen. Edward Kennedy [D-MA]
Sen. Amy Klobuchar [D-MN]
Sen. Frank Lautenberg [D-NJ]
Sen. Patrick Leahy [D-VT]
Sen. Carl Levin [D-MI]
Sen. Claire McCaskill [D-MO]
Sen. Barbara Mikulski [D-MD]
Sen. Patty Murray [D-WA]
Sen. John Reed [D-RI]
Sen. Charles Schumer [D-NY]
Sen. Debbie Ann Stabenow [D-MI]
Sen. Sheldon Whitehouse [D-RI]
Sen. Ron Wyden [D-OR]

The bill would impose a windfall profit tax in section 103:
 

SEC. 103. WINDFALL PROFITS TAX.
 

(a) In General- Subtitle E of the Internal Revenue Code of 1986 (relating to alcohol, tobacco, and certain other excise taxes) is amended by adding at the end thereof the following new chapter:

`CHAPTER 56--WINDFALL PROFITS ON CRUDE OIL

`Sec. 5896. Imposition of tax.

`Sec. 5897. Windfall profit; qualified investment.

`Sec. 5898. Special rules and definitions.

`SEC. 5896. IMPOSITION OF TAX.

`(a) In General- In addition to any other tax imposed under this title, there is hereby imposed on any applicable taxpayer an excise tax in an amount equal to 25 percent of the excess of--

`(1) the windfall profit of such taxpayer, over

`(2) the amount of the qualified investment of such applicable taxpayer.

Posted on 6/2/2008 1:39:06 PM by vizinertiaApproved 6/5/2008 11:07 AM