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Biden will seek to impose new windfall tax on energy companies

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Biden will seek to impose new windfall tax on energy companies

The President of the United States, Joe Biden is expected to raise this Monday the possibility of imposing an “unexpected tax” on energy companies, as his government aims to combat high energy prices. Gasoline a few days before the midterm elections.

The information, given on condition of anonymity, is from a person familiar with the matter.

The White House said earlier that the executive’s leader will respond to reports published in recent days on record profits from major oil companies, in a statement at 17:30 (GMT).

“Oil companies have made billions in profits this quarter,” Biden posted on his Twitter account on Saturday.

“They are using these record profits to pay their rich shareholders instead of investing in production and reducing costs for Americans. It’s unacceptable. It’s time for these companies to lower prices at the pump.”

Congress would have to pass any additional taxes on energy producers — which would be a difficult task in the current scenario, where Democrats have tight control of the House and Senate, and even less likely if Republicans retake one or both houses in November 8th.

Source: CNN Brasil

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