US Senate Democrats Unveil New Energy Tax Plan
Democrats in the Senate Wednesday unveiled a new energy package that would revoke $17 billion in tax breaks extended to big oil companies like Exxon Mobil Corp and slap a 25 percent windfall profits tax on firms that don't invest in new energy sources. The day that US oil prices hit an all-time peak of $123.93 a barrel, Democrats moved to act on soaring gasoline pump prices, which are a growing political liability in the November presidential election.