Bloomberg Law
Free Newsletter Sign Up
Bloomberg Law
Welcome
Go
Free Newsletter Sign Up

Democrats’ Oil Import Tax Would Violate Biden Pledge, Group Says

Aug. 1, 2022, 7:03 PM

Democrats’ plan to reinstate a 27-year-old fee on oil imports represents a violation of a pledge by President Joe Biden not to raise taxes on anyone making less than $400,000 per year, according to the conservative Americans for Tax Reform.

The proposal to levy a 16.4-cents-per-barrel tax on crude oil and other imported petroleum products is included in the $433 billion tax and climate bill that could see a Senate vote this week. The tax “will be paid by consumers in the form of higher gas and energy costs,” the Washington-based group said in a statement Monday. The group also ...