Panel backs new taxes for oil firms
A proposal to hit oil companies with $29 billion in new taxes advanced in the Senate, targeting the money to energy conservation, wind turbines, hybrid gasoline-electric cars and clean coal technology.
The massive tax package, double what Democrats had discussed as recently as last week, is “designed to promote clean and sustainable energy,” said Sen. Max Baucus (D-Mont.), chairman of the finance committee that approved the measure 15-5.
It is expected later this week to be added to legislation being considered by the full Senate.
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