FedGov weighs 21% oil profit tax....to blunt inflation.

On what planet does this blunt inflation? Do they really expect us to believe that's going to happen? Or that that's even the goal with this targeted destruction of an industry?

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Biden Ally Floats 21% Surtax on Oil Profits to Blunt Inflation

ByNancy Cook and Laura Davison
June 14, 2022, 12:23 PM CDT

LINK


The proposal by Senator Ron Wyden, an Oregon Democrat who chairs the tax-writing Finance Committee, would mean oil companies face federal taxes of as much as 42% on profits considered excessive -- the 21% US corporate tax plus a new 21% surtax, according to two people briefed on the proposal.

Wyden has yet to release his plan publicly, and he’d likely need all 50 Senate Democrats to support it in order to pass the surtax over Republican opposition. He’s among several Democratic lawmakers, including Senator Sheldon Whitehouse and Representative Peter DeFazio, who have discussed targeting what they consider excessive oil company profits.

The idea has caught the attention of top Biden aides in recent weeks, as they search for any and all ideas to tackle rising energy costs.

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At a port in Los Angeles on Friday, President Joe Biden echoed that sentiment and specifically called out Exxon. “We’re going to make sure everyone knows Exxon’s profits. Exxon made more money than God last year,” Biden said.

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Taxing excessive oil company profits is one of many policy ideas under consideration in the White House, two administration officials said.

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If combined with a gasoline rebate, a windfall profits tax would both deter supply and encourage fuel demand, said Kevin Book, managing director of research firm ClearView Energy Partners LLC. “It is the opposite of balancing the market.”

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An idea out of Treasury to place a cap on the price of Russian oil, alongside European allies, has gained far more traction inside the administration.

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Wyden’s plan would also impose a 25% stock buyback tax for oil and gas companies that repurchase their own shares, Wyden spokeswoman Ashley Schapitl confirmed. Both levies apply to oil and gas companies with at least $1 billion in revenue and would expire at the end of 2025, according to the people briefed on the plan.

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Just a clue on how America's government is waging a war on oil and gas. Then lying about their justification for doing so.