DEMOCRATS push plan to tax oil companies' profits, send checks to Americans
DEMOCRATS Ro Khanna and Sen. Sheldon Whitehouse are pushing a bill they say will help bring relief from bungling Biden's high gas prices.
The proposal, 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 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.
https://www.foxbusiness.com/politics/oil-profit-tax-khanna-whitehouse-russia-ukraine-war
DEMOCRATS Ro Khanna and Sen. Sheldon Whitehouse are pushing a bill they say will help bring relief from bungling Biden's high gas prices.
The proposal, 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 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.
https://www.foxbusiness.com/politics/oil-profit-tax-khanna-whitehouse-russia-ukraine-war
