Sen. Blumenthal pushes for windfall profit tax on big oil companies
The Big Oil Windfall Profits Tax Act would impose a tax on crude oil and return it to individual taxpayers as a rebate.
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As travelers hit the road this Labor Day weekend, Sen. Richard Blumenthal is pushing for a profit tax on big oil companies.
The Big Oil Windfall Profits Tax Act would impose a tax on crude oil and return it to individual taxpayers as a rebate.
Blumenthal argues that the act is necessary because oil companies take advantage of global conflicts to keep gas prices high while continuing to make record-breaking revenue.
"Consumers deserve a break from gas prices that are going to be 46% higher and oil companies that are making $125 billion in profits -- and that's why I am working for rebates to consumers,” he said.
Blumenthal is among 13 cosponsors for the bill, which he has called on congress to pass.
