Democrats Threaten More Taxes On Who?
Biden has doubled down.
President Biden has threatened big oil companies to either take their own profits and reinvest it into producing more oil or face new taxes on their profits if they don’t do so.
According to Fox, Biden threatened big oil and wrote on Twitter, “The oil industry has a choice. Either invest in America by lowering prices for consumers at the pump and increasing production and refining capacity. Or pay a higher tax on your excessive profits and face other restrictions.”
WATCH:
The oil industry has a choice.
Either invest in America by lowering prices for consumers at the pump and increasing production and refining capacity.
Or pay a higher tax on your excessive profits and face other restrictions.
— President Biden (@POTUS) October 31, 2022
President Biden went on to say that the new profits oil companies have made were a “windfall of war” in Ukraine. Biden then insisted that big oil companies have a “responsibility to act in the interest of their consumers, their community and their country.”
He then demanded that they take their profits and reinvest them into more U.S. oil production and refining capacity so that Americans didn’t have to pay so much for their gas.
Biden added, “If they don’t, they’re going to pay a higher tax on their excess profits and face other restrictions. My team will work with Congress to look at these options that are available to us and others. It’s time for these companies to stop war profiteering.”
