City Council To Back Oil Tax Despite Hahn Reversal
LOS ANGELES (CBS) — City councilwoman Janice Hahn wants to withdraw her proposed March ballot measure that would tax oil producers. There's only one problem: her colleagues love the idea.
KNX 1070's Bill Cooper Reports
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After introducing the measure, Councilwoman Janice Hahn says she changed her mind when she realized how much it would cost to counter what she expects to be an expensive legal battle from oil companies.
But Hahn was out-voted, and next week her colleagues will likely give their final approval.
The measure taxes oil producers $1.44 per barrel, creating an estimated annual city revenue stream of about $4 million.
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