June 16, 2022
According to a Reuters report, US Senate Finance Committee Chair Ron Wyden plans to present legislation imposing a 21% surtax on oil industry profits deemed excessive.
According to the aide, the law imposes a 21% extra tax on oil and gas businesses with yearly sales of more than $1 billion. The 21% tax would be on top of any regular income taxes owed. According to the source, profits of more over 10% would be considered excessive under the measure.
The biggest oil lobbying group in the United States, the American Petroleum Institute, said “Policymakers should concentrate their efforts on boosting energy supply and lowering costs for Americans. Imposing more levies on our industry will have the opposite effect, deterring investment at a time when it is most needed.”
The United States House of Representatives passed a bill in May that would allow Biden to declare an energy emergency, making it illegal for firms to raise gasoline and home fuel costs significantly.
To pass most legislation, the Senate, which is evenly divided with 50 members from each party, needs 60 votes, including 10 Republicans.
Source: Reuters
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