"Big Oil Windfall Profits Tax."

D

dukkha

Verified User
The proposal, which comes as Russia's war on Ukraine delivers a shock to global energy prices, is called the "Big Oil Windfall Profits Tax." According to Khanna, D-Calif., and Whitehouse, D-R.I., the bill would levy a tax on oil barrels sold by large producers "equal to 50 percent of the difference between the current price of a barrel of oil and the pre-pandemic average price per barrel between 2015 and 2019."

The money from that tax would be sent to consumers as a quarterly rebate, according to a description of the bill, with a cutoff for single people making $75,000 or more and families making $150,000 or more.

"The American people are looking for solutions, not finger pointing," American Petroleum Institute senior vice president of policy, economics and regulatory affairs Frank Macchiarola said. "The price at the pump that Americans are currently paying is a function of increased demand and lagging supply combined with the geopolitical turmoil resulting from Russia’s aggression in Ukraine."

Macchiarola added: "Lawmakers should focus on policies that increase US supply to help mitigate the situation rather than political grandstanding that does nothing but discourage investment at a time when it’s needed the most."

Energy industry insiders and advocates at the CERAWeek by S&P Global conference in Houston last week repeatedly said the U.S. should move toward policies that encourage energy investment, in order to increase domestic production.
https://www.foxbusiness.com/politics/oil-profit-tax-khanna-whitehouse-russia-ukraine-war
 
the bill would levy a tax on oil barrels sold by large producers "equal to 50 percent of the difference between the current price of a barrel of oil and the pre-pandemic average price per barrel between 2015 and 2019."

The money from that tax would be sent to consumers as a quarterly rebate, according to a description of the bill, with a cutoff for single people making $75,000 or more and families making $150,000 or more.
Click to expand...
if it's a tax on the price sold by "big oil" -it means big oil will be passing along the costs -further raising prices. they arent going to pay a tax on their earnings and not raise the costs (like any other tax)

if it's a tax on what they pay for the oil - it means the same, plus decentivizes looking for more oil

Dems are nutz.
 
Oil companies are to be murdered if they refuse to give up fossil fuels.

Extensive taxing certainly could be a part of that.
 
dukkha said:
if it's a tax on the price sold by "big oil" -it means big oil will be passing along the costs -further raising prices. they arent going to pay a tax on their earnings and not raise the costs (like any other tax)

if it's a tax on what they pay for the oil - it means the same, plus decentivizes looking for more oil

Dems are nutz.
Click to expand...

Regressives are Evil.
 
So you want to make the price of gas go up even more ?

Consumers pay the taxes on businesses kids.

If you want prices to go back down, tell UKR to take the peace treaty and reverse Biden's industry killing actions.
 
You must log in or register to reply here.
Back
Top