U.S. Senator Wyden Announces Taxing Big Oil Profiteers Act Including 21% Tax on Excess Profits

U.S. Senate Finance Committee Chair Ron Wyden (D-OR) has announced the Taxing Big Oil Profiteers Act, which includes a 21% additional tax on excess profits and a 25% excise tax on stock repurchase.

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Wyden Unveils Taxing Big Oil Profiteers Act

Washington, D.C. – Senate Finance Chair Ron Wyden, D-Ore., today unveiled the Taxing Big Oil Profiteers Act. The bill would double the tax rate of Big Oil's excess profits, impose an excise tax on stock buybacks benefiting wealthy shareholders, a…