The Big Oil Windfall Profits Tax Act is a federal bill aimed at imposing a tax on windfall profits earned by large oil companies. The main purpose of the bill is to generate revenue for the government and reduce excessive profits made by oil corporations during times of high oil prices. It aims to ensure that these companies contribute more towards public funds when they benefit from significant increases in oil prices. The bill proposes implementing a tax specifically targeting these windfall profits, potentially impacting the profitability of major oil companies and reallocating some of their earnings to government coffers.
2023-02-14: Introduced in House
2023-02-14: Referred to the House Committee on Ways and Means.
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