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Senate GOPers Block Oil Profit Windfall Tax

HeadlineJun 11, 2008

And on Capitol Hill, Senate Republicans have blocked a proposal to tax the windfall profits of major oil corporations. The measure would have taxed “unreasonable” profits and given the government more leeway to counter speculative practices on the oil market. But Democrats failed by a vote of 51-to-43 to get the sixty votes needed to overcome a Republican filibuster.

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