Kucinich angered over reports of record oil company revenues [View All]

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http://www.wtam.com/cc-common/mainheadlines3.html?feed=122520&article=3638730
Saturday, May 3, 2008

Cleveland congressman plans to introduce a windfall profits tax.

Hear Congressman Kucinich's entire news conference.
See a portion of Congressman Kucinich's press conference.

(Lakewood) - With rising gas prices affecting family budgets, Congressman Dennis Kucinich will introduce legislation next week he claims will reduce the price of gasoline.

Kucinich says he is proposing a windfall profits fax on the makers of both gasoline and diesel. He believes the mere threat of such a tax will motivate oil companies to hold the line on price increases.

Kucinich reports that his legislation is supported by 60 members of Congress. In addition to taxing “excessive” oil profits, the bill would also provide tax credits to consumers who purchase fuel efficient American made cars, while making additional funding available for mass transit systems.

In 1980, just such a tax was imposed by the U.S. Government as a result of the Arab oil embargo, but did not bring in as much revenue has had been predicted...



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