Advantage of supply shortages to charge unfair prices

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Proposed Law 456: Concerned about gasoline retailers taking advantage of supply shortages to charge unfair prices, Congress would amend the federal tax code to impose a 100% tax on gasoline-retailer profits "in excess of 10% above the average price paid by the retailer to acquire gasoline." Congress also would require retailers, when submitting business-tax returns, to provide "adequate documentation" of their gasoline-purchase costs during the relevant time period.

Reference no: EM133347290

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