Dems Decide to Punish “Obscene” Oil Profits With New Tax Hike

Dems Decide to Punish “Obscene” Oil Profits With New Tax Hike

THE SIGNAL

North Dakota Sen. John Hoeven shares his thoughts on the Republican backlash to Biden’s green energy transition claims during SOTU on ‘The Bottom Line.’ Democrats in the House and Senate are renewing their push for higher taxes on oil companies to attack what they say are “windfall” profits due to “price gouging,” just days after President Biden accused oil giants of making “outrageous” profits in an inflationary environment. “You may have noticed that Big Oil just reported record profits,” Biden said in his State of the Union address last week. “Last year, they made $200 billion in the midst of a global energy crisis. It’s outrageous.“Congressional Democrats responded this week by proposing the Big Oil Windfall Profits Tax Act, which …

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