WELCOME BACK, CARTER: Biden Administration Considers A Windfall Tax On Oil And Gas Profits.

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The Biden administration is considering a proposal to tax oil and gas windfall profits to provide a gas subsidy for American consumers struggling with high energy prices, said Bharat Ramamurti, deputy director of the National Economic Council at a panel sponsored by the Roosevelt Institute think tank on June 2.

The news follows a similar move in the U.K. by Chancellor Rishi Sunak on May 26, to impose a 25 percent windfall tax on North Sea energy producers to provide a 15 billion pound ($18.9 billion) energy fund subsidy for Britons paying for soaring fuel costs.

The White House has been examining proposals from Congress that would hike taxes on energy producers in order to provide a subsidy or tax rebate to households.

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“We are very much open to any proposal that would provide relief to consumers at the pump,” said Ramamurti.

“There are a variety of interesting proposals and design choices on a windfall profits tax. We’ve looked carefully at each of them and are engaging in conversations with Congress about design.”


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