Big Oil Windfall Profits Tax Act
Rep. Khanna Introduces Bill to Tax Big Oil Profits and Send Rebates to Americans
This bill is currently in the early stages of the legislative process and is being reviewed by the House Committee on Ways and Means. No further actions are scheduled at this time. The bill is considered active but has not yet moved to a vote.
Part of: story →Companion bill: Sen. Whitehouse Introduces Big Oil Windfall Profits Tax Act to Send Rebates to Taxpayers →Legislative Progress
This bill faces strong opposition from the oil industry and many members of Congress who believe it might actually make gas more expensive.
Key Points
Impact Analysis
Personal Impact
Life & Work
Small business owners in the oil and energy sector could see higher costs passed down from large oil companies subject to the tax. Businesses that rely heavily on fuel, such as trucking, agriculture, and delivery services, may face increased operating costs if oil companies pass the tax along in the form of higher wholesale fuel prices, though the rebate partially offsets this for lower-income owners.
Programs
State Impacts
Milestones
Referred to the House Committee on Ways and Means.
Introduced in House
The bill was officially filed and given a number. It now enters the legislative queue.
Votes
No votes have been recorded for this legislation yet.
Related News
3 articlesUS Lawmakers Move To Tax Major Oil Companies As Fuel Prices Surge Sharply Following Iran War
US Senator Sheldon Whitehouse and Congressman Ro Khanna reintroduced the Big Oil Windfall Profits Tax Act. The bill targets firms producing 300,000+ barrels daily, seeking to raise $33 billion annually for consumer rebates to offset gas prices nearing $4 per gallon.
US Lawmakers Revive Big Oil Windfall Tax As Prices Surge
Lawmakers led by Sheldon Whitehouse and Ro Khanna have reintroduced the Big Oil Windfall Profits Tax Act. The measure seeks to impose a 50% tax on the difference between current oil prices and last year's average, returning revenue to consumers through quarterly rebates.
80 Percent of Voters Support Taxing Big Oil's Windfall Profits, Poll Finds
As gas prices spike due to conflict in the Middle East, a new poll shows overwhelming support for the Big Oil Windfall Profits Tax Act. The bill would tax large oil companies' excess gains and distribute the funds to Americans struggling with high energy costs.
Source Information
Document Type
Congressional Bill
Official Title
Big Oil Windfall Profits Tax Act
Data Sources
Sponsor
Cosponsors
(5)Analysis generated by AI. Always verify with official sources.