Headline USA
‘These companies have made billions and used the profits to enrich their own shareholders while average Americans are hurting at the pump… ‘
Democrats are hoping to lower the price of gas by increasing taxes on oil companies.
A group of congressional Democrats proposed a new tax this week on large oil companies designed to âcurb profiteeringâ by redirecting profits from higher crude oil prices back to taxpayers.
The Big Oil Windfall Profits Tax Act, introduced by Sen. Sheldon Whitehouse, D-R.I., and co-sponsored by 11 other Democrats, including Sen. Elizabeth Warren, D-Mass., would collect a percentage of the profits oil and gas companies are making, since oil is at its highest premium in more than a decade, and return it to consumers as quarterly rebates.
