Posted on 06/14/2022 2:57:49 PM PDT by dynachrome
U.S. Senate Finance Committee chair Ron Wyden is planning to introduce legislation setting a 21% surtax on oil company profits considered excessive, an aide for the senator told Reuters.
The bill applies a 21% additional tax on the excess profits of oil and gas companies with more than $1 billion in annual revenue, the aide said. The 21% tax would be in addition to any regular income tax due. Profits over 10% would be considered excessive under the bill, according to the aide.
Unlike other proposed windfall profit taxes, the aide said, Wyden's bill would apply the tax based on profit margins, not oil prices.
(Excerpt) Read more at reuters.com ...
How does a tax bill originate in the Senate?
Of course, Bob wouldn't have any oil, either...
Of course, Bob wouldn't have any oil, either...
There’s too much oil, tax it so it will go away!
Punish the innocent.
Reward the guilty.
It’s the Democrat/Communist way.
What is an excess profit? Whatever our overlords say it is. Wecome to Communism.
That’s what we need, gas supply shortages. The longer you wait in line for gas, the less driving you will do.
These assholes shouldn’t be in charge of a popsicle stand.
Just another commie proposal.
So if an oil company has earnings LESS than what is considered “acceptable”, will the oil company get a tax credit?
I’m sure that tax won’t get passed right along to the consumer. /sarc
By gutting a House bill and substituting senate language to raise revenue. As a matter of law this is a house-originated proposal. Keep in mind that it is Congress and the courts who decide what the law is. Simply deem it a house bill, and legal fiction does its magic.
How original. Mass inflation drives costs up, Democrats call that profit making, and raise taxes ensuring that prices rise even higher. Time to get another sack of rice.
Yup. I’m thinking this may be money that would have gone to drilling more and exploration, but that is not allowed. JoJo the circus boy is going to the saudis to beg them for more oil.
Just corporation and rich bashing nonsense to distract the sheeple while Biden goes begging for oil from the Saudis.
Is this jackass going to impose a tax on pharmaceutical excess profits?
Simple response is that the oil company accountants will ensure there is never more than a 10% profit.
By the way, that's what oil-rich Venezuela did. Idiots ended up having to import gasoline.
When you tax something you get less of it. It’s unlikely this goes anywhere, but if it does, gas and diesel prices will go up.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.