Taxing Buybacks from Big Oil Windfalls Act
Sen. Wyden Proposes 25% Tax on Big Oil Stock Buybacks Until Gas Prices Drop
This bill is currently in the early stages of the legislative process after being sent to the Senate Committee on Finance for review. It is actively moving through the system, but no future hearings or votes have been scheduled yet. There is no companion bill currently associated with this legislation.
Legislative Progress
While top Democratic leaders support this bill, it lacks the Republican support needed to pass the Senate and faces heavy opposition from the energy industry.
Key Points
Impact Analysis
Personal Impact
Small oil and gas businesses are not directly targeted because the bill only applies to companies with $1 billion or more in average annual gross receipts. However, smaller firms in the oil and gas supply chain could feel indirect effects if major companies shift their capital spending strategies in response to the tax, potentially changing demand for services and equipment from smaller suppliers.
“the average annual gross receipts of such corporation for the 3-taxable-year period ending with the taxable year which precedes such taxable year equals or exceeds $1,000,000,000”
State Impacts
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
4 articlesSenate Democrats introduce bill to tax oil company buybacks
Senate Democrats introduced the Taxing Buybacks from Big Oil Windfalls Act to raise the tax on oil and gas company stock buybacks from 1% to 25%. The measure is framed as a response to soaring gasoline prices linked to the Middle East conflict; pump prices have surpassed $4.50 per gallon.
Oil Stocks and Gas Prices: Democrats Propose New Buyback Tax
Senate Democrats are pushing a new tax on oil company stock buybacks, arguing that windfall profits from high energy prices should be used to lower costs for consumers rather than enriching shareholders through repurchases.
Record Inventory Draws and U.S. Buyback Tax Push
As global oil inventories draw at record rates, Senate Democrats have introduced a bill to hike the stock buyback tax for large energy producers to 25%, aiming to incentivize reinvestment in supply rather than shareholder returns.
Source Information
Document Type
Congressional Bill
Official Title
Taxing Buybacks from Big Oil Windfalls Act
Data Sources
Sponsor
Cosponsors
(14)Analysis generated by AI. Always verify with official sources.