Big Oil Windfall Profits Tax Act
Sen. Whitehouse Introduces Big Oil Windfall Profits Tax Act to Send Rebates to Taxpayers
This bill is currently in the early stages of the legislative process. It was recently sent to the Senate Committee on Finance for review. There are no upcoming votes scheduled at this time, and the bill is not moving forward.
Legislative Progress
While the bill offers popular rebates to voters, it faces intense opposition from the energy industry and lacks the bipartisan support required to pass the Senate.
Key Points
Impact Analysis
Personal Impact
Life & Work
Undocumented individuals are excluded from receiving any rebate because the credit requires a valid Social Security number. They would still face any price increases caused by the tax without the offsetting rebate payment.
“the term `valid identification number' means a social security number issued to an individual by the Social Security Administration on or before the due date for filing the return for the taxable year.”
Programs
Milestones
Read twice and referred to the Committee on Finance.
Sent to a congressional committee for expert review. The committee decides whether this bill moves forward.
Introduced in Senate
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 articles
Big Oil profits surge as Democrats push windfall tax tied to Iran war
Lawmakers reintroduced the Big Oil Windfall Profits Tax Act to capture excess gains as crude prices exceed $100. The bill targets firms with 300,000+ barrels per day, using a 50% tax on price spikes above 2025 levels to fund quarterly checks for households earning under $150,000.
Shades of Windfall Profits Tax Again Stalk Energy Industry
Industry experts warn that the Big Oil Windfall Profits Tax Act could discourage domestic production. The proposal seeks to tax corporate revenues based on prices higher than the 2025 average, with sponsors estimating it could raise $35 billion to $40 billion annually for consumer rebates.
Dems Revive Legislation to Return Big Oil's Profits to Struggling US Families
The Big Oil Windfall Profits Tax Act aims to hold fossil fuel companies accountable for wartime profiteering. The per-barrel tax would equal 50% of the difference between current prices and the 2025 average, with revenue funding rebates for single filers under $75,000 and joint filers under $150,000.
Source Information
Document Type
Congressional Bill
Official Title
Big Oil Windfall Profits Tax Act
Data Sources
Sponsor
Cosponsors
(12)Analysis generated by AI. Always verify with official sources.