Carter set to sgin bill taxing oil windfall profits
The Senate passed the $227.7 billion oil windfall profits tax Thursday, 66 to 31. It is the heart of President Carter's energy program. President Carter has said he will sign the bill, which has already cleared the House. He called for the windfall tax when he ordered the gradual decontrol of oil prices on April 5, 1979.
Of the revenues from the tax, 60 percent -- about $137 billion -- is to go for tax cuts this decade or reductions of the national deficit. Another 25 percent -- about $57 billion -- is to help low-income families pay fuel bills between fiscal 1982 and 1990, and the last 15 percent -- $34 billion -- is to be used for transportation and energy programs. However, these are only recommended allocations at present and will require further legislation to be binding.