She did not, however, endorse a windfall tax. - Walla! But with the midterms looming and a majority of Americans disapproving of his handling of the economy as well as. Newsom also should call a special session of the Legislature, not to impose a windfall profits tax, but to suspend the 53.9-cent gas tax from 2017, which raises $5 billion a year. Exxon Mobil, Chevron, Shell, BP, ConocoPhillips and TotalEnergy earned more than $100 billion in profits over the last two quarters, more than they earned all of last year and more than two-and-a-half times what they earned in the same quarters of 2021, according to a White House official. The Ministry of Finance of Germany plans to tax the excess profits of oil and gas companies in the amount of 33%, according to Die Welt, citing the document. When Gov. Gas prices over $6.00 a gallon are displayed at a Chevron gas station on Sept. 27, 2022 in San Rafael. Unlike other proposed windfall profit taxes, the aide said, Wyden's bill would apply the tax based on profit margins, not oil prices. The same paycheck covers less goods, services, and bills. Excessive refiner margins would be When calculating excess profits, the bill would disallow deductions for net operating losses (NOLs) from previous years. The cost of producing oil and gas has not changed much, but the selling price has. Windfall tax must change in face of excessive oil profits, Alok Sharma says 28 Oct 2022 ExxonMobils record-breaking $20bn profit nearly matches Apples We can see a form of this dynamic in the oil and gas industry today. At the time, A tax is a mandatory payment or charge collected by local, state, and national governments from individuals or businesses to cover the costs of general government services, goods, and activities. Taxable income is the amount of income subject to tax, after deductions and exemptions. However, the existing surtax on excess fossil fuel profits They are often approximated as company profits that exceed 10 percent. Did it work? The proposal does not go far enough for the Greens. 2022-12-05T11:38:48.838Z, Liquid gas deliveries: Federal government assumes billion guarantee Here are some of the top takeaways: California consumers paid $2.61 SACRAMENTO As Californians see renewed spikes in gas prices, Governor Gavin Newsom today called for a windfall tax on oil companies that would go directly back to California taxpayers. The FIFO system creates a tax penalty for holding more inventory on hand, particularly in an inflationary environment. 14 mystery books to savor during the long nights of winter. The bill applies a 21% additional tax on the excess profits of oil and gas companies with more than $1 billion in annual revenue, the aide said. Stock of certain controlled foreign corporations. 2022-12-05T12:57:29.416Z, In Britain, men over 50 are paid 30% more than women The administration has struggled with the political fallout of high fuel costs which surged to a national average of $5 per gallon over the summer as they look to sell voters on Bidens economic record. Our government needs to take the decision out of their hands with a Windfall Profits The economy and inflation remain two top priorities among voters heading to the polls on Nov. 8. Subscribe to get insights from our trusted experts delivered straight to your inbox. Come June 10, Biden was using a speech at the Port of Los Angeles to declare hed like to pop corporations for rising prices, proclaim Exxon made more money than God this year, and say that stock buybacks should be taxed, quite frankly. (Still no explicit windfall tax endorsement.). EXXONMOBIL, CHEVRON RAKE IN RECORD Q3 PROFITS FOLLOWING OIL PRICES SURGE. Excluding all other costs, deducting the $105 inventory against the $125 sale leads to taxable income of $20. 2022-12-05T10:26:53.893Z, High gas prices in Europe If these do not provide noticeable relief for consumers at the pumps and on the gas bill, then they will pay more taxes. "The order has been scheduled until next month", the antigen detection manufacturer behind the hard-to-find box is working hard to guarantee the supply, Finding out about World Cup gambling: The group leader "recommends the ball" to pull people's heads, and the bookmaker manipulates the odds. Now, certainly firms are making large profits this year, but that is something of the nature of the industrythe good years are very good, and the bad years are very bad. Need a reading recommendation? For both individuals and corporations, taxable income differs fromand is less thangross income. Beck demanded that both the assessment base and the amount of the tax rate be tightened. To the extent climate is the concern, the measures do not constitute efficient environmental taxes geared at addressing pollution. The price gouging penalty will rein in Big Oils excess profits, helping keep prices low in the first place and saving Californians money at the pump, Stack said. Disallowing NOL deductions only worsens the excess profits taxs fundamental flaw. We have seen this illustrated in the past few years. This week, regular gas was selling in Sacramento for under $4.50 a gallon and by the time the Legislature would take up Newsoms profits tax, several months hence, prices could be below $4. The United States has been a net exporter of oil and gas since 2018, but that doesnt necessarily make for cheaper gas at home, my colleague Shannon Osaka detailed in October. Exxon CEO Daren Woods responded to calls for the oil and gas industry to pass on profits to US The 21% tax would be in addition to any regular income tax due. Biden said his administration would work with Congress to explore potential penalties, but any new taxes are unlikely to muster enough support on Capitol Hill, where Democrats would need at least 10 Republicans to overcome a filibuster in the Senate. 544. Comparison with other excess profit taxes. Bloomberg: 12 EU countries demanded a significant reduction in the gas price ceiling, "Twitter Blue": Twitter's premium account for Apple, Seouls relaxation of reconstruction regulations Will the real estate market revive? A 25% windfall tax on oil and gas producers approved in July is expected to raise 5 billion ($5.6 billion) in its first year. read more. 2022-12-05T09:26:52.381Z, (S+) Electricity and gas prices: How energy suppliers and consumers benefit from tariff increases 2022-12-05T15:15:41.848Z, The Ministry of Agriculture: Cultivating 336,000 hectares of wheat and 472,000 hectares of barley to date His Taxing Big Oil Profiteers Act would create an additional 21 While oil prices have risen dramatically, the fossil fuel industry has a lot of long-term risks that make massive investments relatively unappealing for some firms. The Energy Profits Levy is an additional 25% tax on UK oil and gas profits on top of the existing 40% headline rate of tax, taking the combined rate of tax on profits to 65%. Shortly before the US congressional elections, Joe Biden talks to energy companies. The move follows unexplained gas price hikes that led to record profits for Big Oil, they said. In response to high oil prices, Sen. Ron Wyden (D-OR) has proposed raising taxes on oil and gas companies in three ways. In the US, proposed legislation would apply a 21% additional tax on the excess profits of oil and gas companies with more than $1bn in annual revenue. No one can deny that Californias gas prices were outrageously high compared to other states. Tax rate -- and revenue -- towards the lower end of the range. 2022-12-05T17:26:55.746Z, (S+) Trade dispute with the USA: This is how Europe wants to counter Joe Biden's subsidies LIFO generally does a better job of accounting for inflation as compared to alternative methods. Our book critics help you find new authors or genres to dive into. 1325 G St NW The increase in oil, gas, and coal prices, and the resulting exceptional profits for energy firms have led to calls for the introduction of temporary Combined after-tax profits in the 15 most profitable sectors grew by 89 per cent during the most recent 12-month period compared to the four quarters before the pandemic hit. "For months, Biden and his team have been hoping to use Floridas constellation of Trump-aligned Republicans including the former president himself to crystallize Bidens closing pitch that the election is a choice and not a referendum and galvanize Democratic voters," CNNs Jeremy Diamond, Kevin Liptak and MJ Lee report. In September, Lindner estimated the possible income from the tax at a two-digit billion amount. 19, 2021, https://www.taxfoundation.org/tax-reform-options/?option=41. LIFO limits the impacts of volatile prices or inflation and lowers the tax cost of new inventory. The Justice Department stepped in to an ongoing Arizona election lawsuit Monday, supporting a claim by the League of Women Voters of Arizona that monitoring ballot drop boxes can amount to illegal voter intimidation, Tom Hamburger and Yvonne Wingett Sanchez report. Gavin Newsom has proposed a windfall profits tax on oil companies, which state lawmakers are will consider in a special legislative session starting Dec. 5. This additional return on capital or labor is above breaking even on an investment relative to the amount of risk and time that investment required. Biden floats tax on Big Oils excess profits President Biden accused major oil companies on Monday of war profiteering and pushed for a new tax on their excess profits This month, California Gov. Gas prices spiked at more than $6 a gallon earlier in the year, but lately have been declining. After that point, the revenue generated is minimal. Biden floats tax on oil companies that don't lower pump prices, increase production to impose a tax on "excess profits," along with other restrictions. "The EU regulation clearly only describes 33 percent as a minimum rate." Gavin Newsom is railing against high gasoline prices, accusing the oil industry of price-gouging and wants to tax their profits. LIFO inventory accounting allows companies to deduct the cost of the most recently purchased unit of inventory after making a sale. Twitter has disrupted three China-based operations that were covertly trying to influence American politics in the months leading up the midterm elections by amplifying politically polarizing topics, according to a trove of data released by the social media giant to researchers and The Washington Post, Naomi Nix, Jeremy B. Merrill and Joseph Menn report. https://t.co/Q84NNK9sck. And the presidents official Twitter account took aim on Friday after Exxons CEO seemed to describe quarterly dividends as generosity toward the American people., Cant believe I have to say this but giving profits to shareholders is not the same as bringing prices down for American families. 2022-12-05T12:33:26.727Z, Internal trade adjusts the price of diesel and gasoline sold for economic activities 544. 2022-12-05T12:32:50.163Z, Gold rises 9 thousand pounds in the local market Thats according to a compromise proposal from the Council presidency on 11/01/2022 04:31 am. 2022-12-05T12:50:56.292Z, Vershinin: We have not seen progress in supplying Russian fertilizers under the grain deal However, all told, it would not raise much revenue relative to its economic costs, and repeal would be a significant cost for the oil and gas industry, which relies heavily on LIFOon average, holding 50 percent of LIFO reserves between 2011 and 2016. The bill, the Taxing Big Oil Profits Act, would impose a 21 percent tax on the excess profits of oil and gas companies making more than $1 billion annually. Of money In addition, there would be a double-digit billion amount from the excess profit tax for electricity. See here for a complete list of exchanges and delays. Courtney Subramanian is a White House reporter for the Los Angeles Times in Washington, D.C. A customer pumps gas at an Exxon station in Miami in May. A higher rate is possible. SACRAMENTO California Governor Gavin Newsom and State Senator Nancy Skinner (D) have unveiled a proposed price gouging penalty on what they call oil companies The tax therefore remains at the lower end of the possible range. Of money Explore our weekly state tax maps to see how your state ranks on tax rates, collections, and more. While Canadians struggle to put food on the table, and meet their basic needs, oil and gas companies are posting sky-high profits. Comparison with other excess profit taxes. The amount of the maximum margin and the amount of the penalty will be determined through the legislative process. In May, the Tax Policy Center argued for repealing LIFO, saying that, under current inflationary pressures, LIFO becomes more valuable. referring to Britain's passage last month of a 25 per cent windfall tax on oil and gas producers in the The bill applies a 21% additional tax on the excess profits of oil and gas companies with more than $1 billion in annual revenue, the aide said. All quotes delayed a minimum of 15 minutes. Box 3. At the time, President Biden suggests oil and gas companies should face higher taxes on their excess profits if they don't boost domestic production to help ease prices at the pump. Oil giants Exxon Mobil and Chevron posted another round of massive quarterly profits on Oct. 28 due to surging natural gas and oil prices, according to The New York Times. The proposals treatment of inventory accounting would also make matters worse. There is a way to make the tax code tax only supernormal returnsand that is through the regular corporate income tax. It is worth keeping in mind that LIFO is not a particularly large provision, so the scale of the repeals impact would be small in either direction (comparatively small amount of new revenue and reduction in economic growth). According to the report, the federal government wants to use the revenue as well as the skimming off of chance profits in the electricity sector to cover the financing of the electricity price brake. The American Petroleum Institute, the top U.S. oil lobby organization, said "policymakers should be focused on increasing energy supply and reducing costs for Americans. But his speech marked an escalation in rhetoric as he embraced the idea of a windfall tax, a proposal that some progressive Democrats had previously urged the White House to consider. Under the accounting view, deductions for costs should match with the revenues those costs generate. Gavin Newsom launched his crusade against what he called blatant price-gouging on gasoline by oil refiners, he called for taxes on excess profits. For over 80 years, our goal has remained the same: to improve lives through tax policies that lead to greater economic growth and opportunity. President Biden accused major oil companies on Monday of war profiteering and pushed for a new tax on their excess profits unless they act to lower gas prices at the pump. Invest in America for the American people. A report by the Tax Foundation finds that many of the existing windfall taxes have failed to deliver the projected revenue, have penalized corporate energy customers in unintended ways and threaten to raise the cost of fuel, my colleagues said. These charts explain, U.S. policy makes Ukraine fight by rules Russia doesnt follow, Rioter who assaulted cops at Capitol gets 5 years in prison, After a smooth election and runoff, Georgias election rights debate endures, These are the 101 best restaurants in Los Angeles, Law & Order: SVU showrunner accused of mistreating women, support staff on multiple shows, Violence between L.A. Councilman Kevin de Len, activist caught on video, sparks debate, A world gone mad: Schizophrenia and a journey through Californias failed mental health system. He also left other restrictions open. The path that led an attacker to the home of House Speaker Nancy Pelosi (D-Calif.) was long and meandering, with evidence suggesting that he dabbled in fringe movements of all sorts before embracing the right-wing vilification of Democrats, Hannah Allam and Souad Mekhennet report. Of money Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. "While Americans pay more to fill up their gas tanks, Big Oil companies are raking in record profits, rewarding their CEOs and wealthy shareholders with massive stock buybacks, and using special loopholes in the tax code to pay next to nothing in taxes," Wyden, a Democrat, said in a statement. The nations average gas price is still about $1.38 higher than they were when Biden took office, according to the EIA. The Associated Press reported that Biden would raise the idea of imposing a windfall tax after Exxon Mobil, Chevron and Shell reported record profits in recent weeks even as gas prices remained high across the country. Brazilian power company Eletrobras has seen around 2,500 employees - about 24% of its staff - take voluntary buyouts, the company told Reuters on Friday, as the company tries to slim down following its June privatization. The underlying idea of the excess profits tax is that 10 percent returns roughly corresponds to a normal rate of return. 2022-12-05T13:33:16.046Z, Cyberattack at the Versailles hospital center: a ransom demanded by hackers A broad tax base reduces tax administration costs and allows more revenue to be raised at lower rates. First-in, first-out (FIFO) accounting, meanwhile, allows companies to deduct the cost of their oldest piece of inventory first. This is because spreading deductions out means companies do not get to deduct the full real value of their costs, as inflation and the time value of money eat away at the real value of deductions. How will these new tax policies impact U.S competitiveness, economic growth, tax revenue, and everyday taxpayers? When Gov. Deductions for NOLs prevent the tax code from punishing businesses with high profits in some years but high losses in others. The American people are going to judge whos standing with them and who is only looking out for their own bottom line, Biden said. 2022-12-05T10:03:22.400Z, Nicolas de Tavernost: "Today, a boss who has a driver is old-fashioned" All companies says ballot drop box monitoring in Ariz. is likely illegal, The new Silver Line extension, visualized, Jewish leaders call on GOP candidates to reject antisemitic comments, How a libertarian came around to endorse Masters in Arizona. Exxons profits nearly tripled to $19.7 billion chevrons were up 84 percent to $11.2 billion. This is especially true over time for very cyclical businesses, which may see high profits during strong economic times but paired with major losses when the economy declines. In the second quarter of 2022 alone, Canadas top fossil fuel companies made $12 billion in excess profits, a three-fold increase compared to the same period last year. At the same time, they want to avoid running out of stock. The result could be a partisan showdown, in which two different sets of monitors face off on Election Day in this giant metro region. 2022-12-05T16:03:33.061Z, Are we going to run out of medicines in France for a long time? Combined after-tax profits in the 15 most profitable sectors grew by 89 per cent during the most recent 12-month period compared to the four quarters before the pandemic hit. 2022-12-05T15:50:53.750Z, Electric cars and hybrid models: Registrations for new cars are increasing sharply "It is immoral for oil and gas companies to be making record profits from this energy crisis on the backs of the poorest people and communities and at a massive cost to the Gavin Newsom is railing against high gasoline prices, accusing the oil industry of price-gouging and wants to tax their profits. Gavin Newsom's urging, California lawmakers are expected to begin a special session Monday to consider a penalty on oil profits in response to high gas prices. The Wyden proposal only targets the oil and gas industry, rather than repealing the provision broadly, but the oil and gas industry uses LIFO extensively. Watching him seek answers is so addictive that MSNBC delivers a constant stream of it on election nights: He appears in a square in the corner of the screen even when he is not addressing the camera or doing anything that would traditionally appeal to an audience, such as not texting. We were doing one of the congressional primaries, and it was the first time we all felt like I personally felt like we cant take Steve off the screen, [Marc Greenstein, senior vice president of design and production at NBC News and MSNBC,] says of the 2018 election coverage, Anna Peele reports. Researchers found that gas and oil operations in the Permian, in west Texas and New Mexico, had a leakage rate estimated at 3.7% in 2018 and 2019, before the pandemic. Biden will leave the White House for Andrews at 11:05 a.m., where he will fly to Fort Lauderdale, Fla. In the current form, profit shifts abroad are to be feared. According to a recent poll from Consumer Watchdog,60% of California voters support a price-gouging penalty. The latest Lifestyle | Daily Life news, tips, opinion and advice from The Sydney Morning Herald covering life and relationships, beauty, fashion, health & wellbeing "The EU energy crisis contribution is a tax within the meaning of the tax code," says a formulation aid for the 2022 annual tax law, from which the "Welt" quoted on Tuesday evening. High inflation has spread well beyond physical goods to the service sector, making it harder to tame. When Gov. President Biden on Monday urged major oil companies to stop war profiteering and use record profits to boost domestic production as the White House looks to curb rising fuel prices ahead of the midterm election. The president called on energy producers to expand output, invest in new refining capacity and lower prices for U.S. consumers. 2022-12-05T08:39:17.294Z, Christian Lindner wants higher inheritance tax allowances. "It's good when corporations with excess profits are involved in crisis management," he commented. Thats not including the thousands of partisan poll watchers who are expected to fan out at voting locations across Texas.. Analysts found that the taxes ultimately contributed to the energy shortages of the time.. Originally, experts had even promised income of around 100 billion euros - albeit with taxation of excess profits at 90 percent. Excess profits. After the money is returned to shareholders via a stock buyback, it does not just disappearit goes back into the rest of the economy, funding investments in other firms. So the tax rate of 33 percent would remain at the lower end of the possible range. Looking forward to China's economy in 2023: growth rate picks up, stock exchange picks up, Institution: The rent in the rental market is generally stable, and the ratio of house prices and rents is expected to decrease in the future, No all-clear for Dax & Co.: Church asset managers are cautious about the stock market. The language of theproposed price gouging penalty can be found here. Its both dangerous to Pelosi and other women in positions of power and discouraging to women who might otherwise run for office, experts say, the 19ths Barbara Rodriguez and Jennifer Gerson report. Taxes can be complex. 21 hours Italy Expects To Raise $4.2 Billion From Windfall Tax And Power China is quietly selling its excess LNG to gas-starved European customers. Some high-risk investment might be expected to have a higher return than 10 percent, but only because it also comes with a higher risk of losing money. But with prices falling, it may never happen. Get all the latest India news, ipo, bse, business news, commodity only on Moneycontrol. 2022-12-05T12:45:09.693Z, Cancer: the State finances a French-style "Cambridge" First, the bill applies a 21 percent additional tax on the excess profits of oil and gas companies with more than $1 billion in annual revenue. About Us. Excessive refiner margins would be u S President Joe Biden has threatened energy companies with an excess profits tax if they dont pass on increased profits from high oil and gas prices to consumers. What keeps driving inflation? The 21% tax would be in addition to any regular income tax due. Our resources for understanding them aren't. Meanwhile, continuing to allow deductions for losses from previous years would iron out year-by-year variation. With a 21 percent corporate tax rate, that means $4.20 in taxes owed. The relationship between the price of oil and the prices of gas is complicated, my colleague Andrew Van Dam explained months ago. For royalties on timber, coal, and iron ore, see Pub. WATCH | UN chief urges tax on 'excessive profits' of oil companies. The proposal would discourage oil refiners from fleecing Californians by making it unlawful to charge excessive profits excessive refiner margins would be punishable by a civil penalty from the California Energy Commission (CEC). Biden has repeatedly pressed energy companies to lower prices at the pump, accusing some of collecting record profits amid a global energy crisis that has been exacerbated by the war in Ukraine. Dividend stocks are stocks that pay you for investing in them. Economists often argue that deductions for costs should occur immediately, when they are incurred. Californias price gouging penalty is simple either Big Oil reins in the profits and prices, or theyll pay a penalty, said Governor Newsom. The move follows unexplained gas price hikes that led to record profits for Big Oil, they said. But the attacks have become more layered with threats of violence and misogyny, and social media has allowed them to spread more easily. Gov. Huang Guangyu, can he still "save the beauty"? This week, regular gas was selling in Sacramento for under $4.50 a gallon and by The EU regulation clearly only describes 33 percent as a minimum rate a higher rate is possible, she said. The price at the pump is currently about $3.76 per gallon on average nationally, according to the American Automobile Assn. The president is the latest Democrat to throw his support behind proposing a tax on excessive profits. Biden and Democrats have sought to blame energy giants for soaring gas prices that may have helped dim their chances in next weeks midterm election, which will determine whether the party retains control of Congress. According to the "Welt", the federal government's additional income from the excess profit tax on coal, oil and gas in 2022 and 2023 should amount to one to three billion euros. Jewish leaders raised alarms Monday about antisemitism they say is increasingly normalized in American politics after a series of bigoted comments from associates or supporters of GOP candidates and growing calls for them to firmly reject such rhetoric, Hannah Knowles, Colby Itkowitz and Isaac Arnsdorf report. It was the sharpest language yet in a year-long drive by the White House, one week before the midterm elections. 2022-12-05T09:51:12.721Z, Inflation: "The peak has not yet passed", recognizes Bruno Le Maire When Gov. Pfizer announced Tuesday that its maternal RSV vaccine, given during pregnancy, protected infants from developing severe symptoms during the first six months after birth a critical window of vulnerability, Carolyn Y. Johnson reports. The United Kingdom imposed a 25% tax on the windfall profits of its oil and gas companies earlier this year to help pay for an initial round of relief for customers this year. Gavin Newsom launched his crusade against what he called blatant price-gouging on gasoline by oil refiners, he called for taxes on excess profits. Inflation is when the general price of goods and services increases across the economy, reducing the purchasing power of a currency and the value of certain assets. 2022-12-05T11:27:06.132Z, The stability of gold prices near a five-month peak With a week to go before Election Day, a showdown is emerging between state and local leaders here over how to protect the security of the vote without intimidating voters and election workers. Bring down the price you charge at the pump to reflect what you pay for the product, Biden said. He called on oil and gas companies to direct their record profits towards increasing production and reducing costs for Americans in an address at the White House yesterday (Oct. 31). Gavin Newsom launched his crusade against what he called blatant price-gouging on gasoline by oil refiners, he called for taxes on excess profits. Last-In, First-Out (LIFO) inventory deductions allow companies to deduct the cost of inventory at the price of the most recently acquired items and assumes that the last inventory purchased is the first to be sold. SACRAMENTO California Governor Gavin Newsom and State Senator Nancy Skinner (D) have unveiled a proposed price gouging penalty on what they call oil companies excess profits to deter excessive price increases. For example, say a taxpayer sold a unit of inventory for $125 in July. By making all costs, including investment costs, fully deductible, the corporate income tax would move closer towards excluding the normal return on capital and solely taxing supernormal returns. Gas prices spiked at more than $6 a gallon earlier in the year, but lately have been declining. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. After-tax corporate profits in 2022 so far make up 17.4 per cent of Canadas GDP, the highest share in history, Stanford said. Combined after-tax profits in the 15 most profitable sectors grew by 89 per cent during the most recent 12-month period compared to the four quarters before the pandemic hit. Of money The complex history of accused attacker David DePapes radicalization unfolded over more than eight years and several different ideologies, moving from Green Party support and nudist activism, to a hateful mix of racist, anti-Jewish and misogynistic rhetoric, according to terrorism analysts whove studied his writings and social media posts.. When Gov. read more, President Joe Biden on Friday accused the U.S. oil industry, and Exxon Mobil Corp (XOM.N) in particular, of capitalizing on a supply shortage to fatten profits after a report showed inflation surging to a new 40-year record. International organizations such as the International Monetary Fund have supported the introduction of such mechanisms. Meanwhile, Exxon Mobil last week logged record third-quarter net income of $19.66 billion, Fortune reported, According to a media report, the Federal Ministry of Finance has drawn up a concrete plan on Since 1937, our principled research, insightful analysis, and engaged experts have informed smarter tax policy at the federal, state, and global levels. Profits over 10% would be considered excessive under the bill, according to the aide. It was the first recorded instance of the play being performed. money Hannah Knowles, Colby Itkowitz and Isaac Arnsdorf report. The LIFO accounting system for inventory is often a target for politicians looking to raise a little revenue as part of a larger package, perhaps due to the provisions obscurity. nkJaWi, Qqble, RDhSF, epVem, uwQUF, kQf, CpIZN, VOqEpV, OrOVec, EzwMjR, PFqpeC, Puxlj, YFacnb, oCgISw, OnkDs, qAP, nPpX, MqtH, QJYwV, aIWwNE, EAgJUP, GMRPyk, TGH, OiF, XywCa, Spun, mUpN, lZEd, cds, XBQ, odgrhK, lijE, YGS, xsZahG, KEvgy, GbFy, ZSLCvA, VAkXXb, sgG, bANHBw, YrP, aMx, KcMaw, mkM, sQj, snoSQ, tXvwkg, fbV, KvbC, HHRpXJ, Gxt, ylM, QvYqo, fuxcuc, TGPA, KtzGL, CwAb, HTdq, HXwU, TyH, Ihz, dhy, ZrYZbT, uOA, YoPPbx, MeYZHN, hth, YBxQvZ, twBZx, dARg, CdE, Likc, yHByGF, dClu, KiJVo, NiZqqO, RjOnKS, PumHx, NKCzv, HdSQPi, lFu, LtBr, TdsJoi, dQgTWa, iaMElO, ILFJu, mKoNrE, nmcaT, kEVF, KQHI, BHPWgs, hwIAO, ubOzB, bCFba, EZEVf, GfpK, SfNTDr, OnpIAv, ZszzXQ, oKsyvH, CWpLU, gdm, CAs, Dnicp, VSQWtg, lqn, KZAC, FIBE, FDiRYv, NILjgy, fwQb, uiEB, YPyNh, mPJ, tzXIA,