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GOP Blocks Profit Tax on Oil Companies

Senators favor new US drilling over Dems' plan for 'energy relief'

By Dustin Lushing,  Newser Staff

Posted Jun 10, 2008 1:59 PM CDT

(Newser) – Senate Republicans today fended off a Democrat-sponsored bill that would have heaped a 25% tax on the five biggest US oil companies and rolled back other tax breaks for the industry, the Houston Chronicle reports. President Bush had threatened to veto the measure, hailed by...   Read full story »

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