"The legislation - which only applies to large oil companies - would impose a per-barrel tax "equal to 50% of the difference between the current price per barrel of oil and the average price per barrel last year, when big oil companies were already earning large profits.""
"Revenue raised from the windfall profits of Big Oil companies will be returned to consumers in the form of a quarterly rebate, which would phase out for single filers who earn more than $75,000 in annual income and joint filers who earn more than $150,000. At $100 per barrel of oil, the levy would raise approximately $33 billion per year."
"The price of a gallon of gas is up 80 cents just weeks after the onset of war in Iran, and the price of a barrel of oil has increased 50% from"
Congressional Democrats reintroduced the Big Oil Windfall Profits Tax Act to address rising gas prices resulting from the US-Israeli war on Iran. The legislation targets large oil companies with a per-barrel tax equal to 50% of the difference between current oil prices and the previous year's average. Revenue generated would be returned to consumers as quarterly rebates, phasing out for higher-income earners. At $100 per barrel, the tax would raise approximately $33 billion annually, providing single filers roughly $216 and joint filers approximately $324 per year. Gas prices have increased 80 cents per gallon and oil prices have risen 50% since the war began.
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