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Here’s Why Analysts Expect Record-High Earnings For ExxonMobil

Here’s Why Analysts Expect Record-High Earnings For ExxonMobil

Analysts are expecting record-high earnings…

Democrats Increasingly Oppose Idea Of U.S. Gas Tax Increase

Democrats in Washington have become opponents of a possible gas tax increase to pay for the infrastructure bill as the Biden Administration is vowing not to raise the tax burden on households earning less than $400,000 annually.

"When you have Jeff Bezos making as much money as he is, it is not fair for us to then raise the gas tax," Congressmember Pramila Jayapal of Washington state told The Hill.

Progressive politicians and environmental campaigners want the U.S. to "tax the rich" and not burden the working Americans further with taxes such as gas tax.  

Jayapal tweeted last week, "There's NO reason why billionaires like Jeff Bezos should be paying LESS in taxes than working Americans — or paying NOTHING at all. We're going to pass a wealth tax, level the playing field, and make sure the ultra-rich pay their fair share."

Many lawmakers in Washington have realized that increasing the gas tax to pay for the infrastructure plan is not the right course or right decision now, according to The Hill.

Meanwhile, likely U.S. voters overwhelmingly oppose a rise in the gas tax that would pay for infrastructure, according to a survey conducted by Data for Progress in the middle of June.

"Increasing the gas tax" is the most unpopular possible policy for paying for infrastructure. A total of 71 percent of likely voters oppose such a move, with 47 percent strongly opposing it.  

The poll showed that "Voters want to pay for new investments in infrastructure by raising taxes on corporations and the wealthy, not by raising user fees or the gas tax," Data for Progress' analyst Morgan Sperry and senior analyst Ethan Winter said.

Winter told The Hill that the idea of a gas tax hike is "one of the most unpopular policies I've ever polled."  

"It's down there with banning meat," the analyst noted.  

By Charles Kennedy for Oilprice.com

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