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Republicans Block Extra Taxes On Oil Companies

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Republicans Block Extra Taxes on Oil Companies
Senate Republicans blocked a proposal to tax the windfall profits of the largest oil companies, despite pleas by Democratic leaders to use the measure to address America's anger over $4 a gallon gasoline. The Democratic energy package would have imposed a tax on any "unreasonable" profits of the five largest US oil companies and given the federal government more power to address oil market speculation. Republicans argued that an increased tax would increase imports.

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