Windfall Profits Tax Legislation Statement on Senate Finance Committee Approval of the Legislation.

I am pleased that the Senate Finance Committee has approved the windfall profits tax The committee has adopted the basic framework I proposed, dedicating the proceeds of the tax to important energy-related purposes, such as low income assistance and public transportation, as I urged.

While I am pleased that the committee has rejected a number of major exemptions from the tax, I am also disappointed with some of the exemptions that were adopted. I do not believe they are cost-effective. They would ensure little additional crude oil production, while losing billions of dollars of revenue for the public. I will work for the elimination of these exemptions.

The committee has produced a constructive bill that we can continue to strengthen on the Senate floor and in conference.