Senate Rejects Windfall Profits Tax, But Adds $5B to Energy Companies' Tax Burden
November 21, 2005
The Republican-led Senate rejected Democratic efforts to levy a controversial windfall profits tax on the earnings of major energy companies as part of the $60 billion tax reconciliation bill that was passed Friday, but it added nearly $5 billion to the tax burden of oil companies and repealed tax benefits that were approved in the energy bill in August.
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