https://sputnikglobe.com/20220614/democrat-senator-proposes-21-federal-surtax-on-profitable-us-oil-companies---reports-1096318080.html
Democrat Senator Proposes 21% Federal Surtax on Profitable US Oil Companies - Reports
Democrat Senator Proposes 21% Federal Surtax on Profitable US Oil Companies - Reports
Sputnik International
WASHINGTON, June 14 (Sputnik) - US Senator Ron Wyden proposed a new 21% federal surtax on oil companies' profits deemed "excessive" in an effort to curb rising... 14.06.2022, Sputnik International
2022-06-14T20:28+0000
2022-06-14T20:28+0000
2022-06-14T20:28+0000
gas
oil
exxon mobile
big oil
ron wyden
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Wyden’s proposal would impose the new surtax on oil companies that make a profit margin better than 10%, the report said, citing two people briefed on the matter. Companies could pay up to 42% of profits in federal taxes between the 21% surtax and the existing 21% US corporate tax, the report said.The idea has recently caught the attention of senior officials in the Biden administration as they seek ways to address inflation and rising prices at the gas pump, the report added.The United States has already released millions of barrels from its Strategic Petroleum Reserves in response to high global energy prices, which President Joe Biden called a byproduct of helping Ukraine.Treasury Secretary Janet Yellen last week confirmed that the Biden administration’s sanctions on Russia are making a "huge difference" on prices of food and energy worldwide.The US Consumer Price Index grew by 8.6% from the start of the year to May, expanding at the fastest rate since 1981. In addition, the average price of gasoline at the pump in the United States hit more than $5 a gallon last week for the first time ever.
https://sputnikglobe.com/20220611/biden-slams-exxon-mobil-for-making-more-money-than-god-as-inflation-in-us-hits-40-year-high-1096213206.html
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gas, oil, exxon mobile, big oil, ron wyden
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Democrat Senator Proposes 21% Federal Surtax on Profitable US Oil Companies - Reports
WASHINGTON, June 14 (Sputnik) - US Senator Ron Wyden proposed a new 21% federal surtax on oil companies' profits deemed "excessive" in an effort to curb rising energy costs, Bloomberg reported on Tuesday.
Wyden’s proposal would impose the new surtax on oil companies that make a profit margin better than 10%, the report said, citing two people briefed on the matter. Companies could pay up to 42% of profits in federal taxes between the 21% surtax and the existing 21% US corporate tax, the report said.
The idea has recently caught the attention of senior officials in the Biden administration as they seek ways to address inflation and rising prices at the gas pump, the report added.
The United States has already released millions of barrels from its Strategic Petroleum Reserves in response to high global energy prices, which President Joe Biden called a byproduct of helping Ukraine.
Treasury Secretary Janet Yellen last week confirmed that the Biden administration’s sanctions on Russia are making a "huge difference" on prices of food and energy worldwide.
The US Consumer Price Index grew by 8.6% from the start of the year to May, expanding at the fastest rate since 1981. In addition, the average price of gasoline at the pump in the United States hit more than $5 a gallon last week for the first time ever.
