Biden Proposes Tax Increase On Oil Companies Amid Rising Energy Prices
During a speech on Monday, Democrat President Joe Biden proposed raising taxes on oil companies amid rising energy prices. “I think [oil companies] have a responsibility to act in the interest of their consumers, their community, and their country; to invest in America by increasing production and refining capacity,” Biden said. “Because they — they don’t want to do that. They — they have the opportunity to do that — lowering prices for consumers at the pump.” “You know, if they don’t, they’re going to pay a higher tax on their excess profits and face other restrictions,” he added. “My