Republican mulls over windfall-profits tax on oil companies [View All]

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LaHood mulls windfall taxes on oil companies

Copley News Service
http://qconline.com/qcnews/archives/qco/sections.cgi?prcss=display&id=285127

SPRINGFIELD -- U.S. Rep. Ray LaHood said he's "never been much in favor of raising taxes," but gasoline prices have him "outraged," and he thinks it might be time to consider a windfall-profits tax on oil companies.

The Peoria Republican fielded questions from reporters after visiting the Lincoln Home site in Springfield Thursday, and said a catalyst for his feelings is a recent article he read about the retirement package of an oil company executive.

While LaHood identified the company as Conoco, spokesman Tim Butler later said LaHood was actually referring to Exxon Mobil. A New York Times article spelled out the $140 million compensation package retiring chairman Lee Raymond got last year. Together with stock options and long-term compensation worth at least another $258 million, "the total sum for Raymond's golden years comes to at least $398 million," the article states.

"I think all of us should be outraged at gas prices," LaHood said.

"I'm in favor of putting out there as a marker the idea that we pass, or at least hold hearings, on a windfall-profits tax on oil companies, and give the money back to the consumer at the gasoline pump. I mean, there's something wrong here."