Italy approves "Robin Hood" tax on oil profits

[Robbien]

Source: Business Week

The Italian government approved a so-called "Robin Hood" tax on oil companies to fund aid for low-income households hit hard by increased food and energy prices.

Premier Silvio Berlusconi's government has included the measure in a three-year budget plan approved Wednesday in a Cabinet meeting.

Economy Minister Giulio Tremonti told reporters that the money gained from the tax will be used in part to help senior citizens buy food and pay less for electricity. The association of Italy's oil companies denounced the measure as "punitive."

Read more: http://www.businessweek.com/ap/financialnews/D91D3KI01.htm

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Soon the US will be the only country which does not tax oil profits. Not only doesn't tax but subsidizes oil industry with huge tax credits.

[SteppingRazor]

1. Jesus. I mean, it says something when even a loon like Berlusconi is for it. n/t

[pattmarty]

4. I was thinking exactly the same thing.

[sam sarrha]

2. i like the arab punishment of cutting thieves hands off... only at the neck for this , maybe..

[Indenturedebtor]

3. Actually since the theft has been so egregious I think you need to go lower

I wonder what you cut off when someone "screws" the public? :shrug:

WTG Italy!

[MichiganVote]

5. When the Italian gov't can do what the US congress refuses to do we KNOW we're being screwed.

[meow2u3]

6. Has Berlusconi grown a conscience?

Miracles never cease :shrug: