Obama $10 barrel oil tax
With oil prices this low, those whispers about raising the oil tax aren't just whispers anymore: they're a full-fledged proposal. You have free article s left. The administration is well aware of all this. The proposed raise would be unprecedented in terms of both the size of the increase and the end total tax rate. Already a subscriber?
President Obama releases his final budget proposal, which includes a $ per barrel tax on oil. To pay for it all, Obama will call for a $10 “fee” on every barrel of oil, But by raising the specter of new taxes on fossil fuels, it could create a.
President Obama is proposing a $a-barrel oil tax, phased in over five years, to pay for a variety of transportation initiatives, including new rail.
The good news is this plan is little more than an election-year distraction," he said. But more importantly, it's far easier to administer and collect than raising corporate or individual income taxes: there's relatively little wiggle room to under report, over deduct or evade a consumption based tax.
The announcement marks the first time the White House has officially proposed such a fee. Kelly Phillips Erb. The proposed raise would be unprecedented in terms of both the size of the increase and the end total tax rate.
Obama floats $10perbarrel oil tax to prep for clean, selfdriving cars
House Majority Whip Steve Scalise LA-R called the proposal "dead on arrival," writing that "The House will kill this absurd proposal, and instead focus on lowering costs and growing our economy.
The administration is well aware of all this.
Obama $10 barrel oil tax
|While the tax would be levied on oil companies, it's clear those companies would pass the costs to consumers.
The reality is that tax increases aimed at corporations are almost always felt by the consumer in some way - either as a direct price increase or a drop in services. And it's hardly surprising.
Video: Obama $10 barrel oil tax Free Assange says UN, Obama wants $10 oil tax - FirstFT
A higher gas tax has been one option, but the president and Congress have shied away. You have free article s left. See Subscription Options.
A resolution opposing the Obama administrations $10 oil tax was $ per barrel, an additional $10 per barrel tax could push the economy.
Obama to push $10perbarrel oil tax for green transportation plan TheHill
With fuel prices low, President Obama has proposed a tax on oil which would be used for infrastructure and clean energy projects.
When asked how the tax would work, the director of the White House economic council said only that it would be paid by oil companies but not at the wellhead where oil is produced.
While the tax would be levied on oil companies, it's clear those companies would pass the costs to consumers. It was a horrible experience.
Similar arguments were made in by Rep.
Obama $10PerBarrel Oil Tax Lands With Thud in Congress BloombergNEF
The proposed raise would be unprecedented in terms of both the size of the increase and the end total tax rate. That's a phenomenal difference. He and Energy Secretary Ernest Moniz have said they are "bullish" on fuel-efficient and autonomous cars, both items on the new Obama wish list.