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President Biden will propose a “windfall” tax on oil companies Monday for banking record profits amid elevated prices at the pump that have hurt Democrats badly in midterm election polling — though the proposal stands no chance of passing Congress soon.
Biden’s windfall tax proposal aims to shift blame for voters’ economic frustrations from the White House after the release of third-quarter earning reports showing major companies like Exxon and Chevron riding high as Americans struggle to fill their tanks.
Voters have given Biden poor marks on his management of the economy, dragging on Democrats going into the Nov. 8 polling.
The worst inflation since 1981 has caused the costs of food, transportation and housing to jump 8.
