AP: Biden considers higher income tax for energy companies
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US President Joe Biden will raise the issue of a possible income tax increase for energy companies, reports AP with reference to officials in the administration. Agency sources note that in this way the American president intends to respond to a record increase in the profits of energy companies that refuse to help reduce fuel prices at gas stations for American citizens.
An AP source said that Joe Biden plans to propose higher income taxes to lure energy companies into lowering prices for American families. If they refuse, the sources say, the president intends to convene Congress to consider restrictive measures against these companies, including tax penalties. As of early October, the American Motor Association reported that the average cost per gallon of gasoline was $3.83, the highest increase in four months.
On October 20, Joe Biden urged energy companies to lower fuel prices at gas stations. He denounced companies’ attempts to make additional profits from fuel when “war breaks out on the doorstep of Europe.” On October 19, Reuters reported that the Joe Biden administration is considering “radical options” to reduce consumer prices in the fuel market, in connection with which the US authorities may impose restrictions on oil exports from the country.
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