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John,
According to brand new polling, 73% of voters are concerned about gas prices―and the same amount want President Biden and Congress to take action.[1] Thankfully, there’s something Congress can do.
The newly introduced Stop Gas Price Gouging Tax and Rebate Act would tax the excess profits of Big Oil and return that revenue to American consumers in the form of a monthly, advanced, refundable tax credit.[2] The legislation is sponsored by Rep. Peter DeFazio of Oregon.
Tell Congress to act immediately to curb the excess profits of Big Oil and help consumers struggling with rising out-of-pocket costs. Become a grassroots co-signer of the Stop Gas Price Gouging Tax and Rebate Act today!
Instead of showering wealthy CEOs and shareholders with excess profits, let’s hold Big Oil corporations accountable to the American people.
Sarah Christopherson
Legislative and Policy Director
Americans for Tax Fairness Action Fund
[1] “Gas Prices Survey,” Hart Research, March 15, 2022
[2] “Rep. DeFazio Introduces Bill to Fight Big Oil’s Greed and Provide Rebates to American Consumers,” DeFazio Press Release, March 16, 2022
-- Frank's email --
John,
You asked for it and Congress has responded.
Last week, we joined with allies from across the country in calling on Congress to implement a windfall profits tax on Big Oil’s record breaking profits. For the last year, oil and gas corporations have been raking in record profits due to pandemic profiteering, supply-chain problems, and Russia’s war in Ukraine―with the largest corporations making a combined $205 billion in record profits last year alone.[1]
Now, Rep. Peter DeFazio (D-OR) has introduced the Stop Gas Price Gouging Tax and Rebate Act.[2] This bill doesn’t just place a one-time tax on excessive 2022 profits of Big Oil corporations. It also returns those dollars directly to the American people in the form of monthly rebates.
Tell Congress to act! Become a grassroots co-signer of the Stop Gas Price Gouging Tax and Rebate Act today!
If passed, this legislation would place a 50% windfall profits tax on Big Oil corporations’ 2022 taxable income that exceeds 110% of their average taxable income between 2015 – 2019.
The revenue raised would be returned to consumers as a monthly, advanced, refundable tax credit using the same income eligibility criteria used for the economic stimulus payments in the COVID relief American Rescue Plan last year.
The Stop Gas Price Gouging Tax and Rebate Act is critical to curbing excess profits of Big Oil and helping consumers struggling with rising out-of-pocket costs on everything from gas to healthcare to food.
Click here to become a grassroots co-signer of the Stop Gas Price Gouging Tax and Rebate Act and demand Congress pass a windfall profits tax on greedy, price-gouging Big Oil corporations.
Thank you for all that you do to demand an economy that puts working families ahead of corporate greed.
Frank Clemente
Executive Director
Americans for Tax Fairness Action Fund
[1] “REPORT: Oil Giants Post Eye-Popping $205 Billion Record Profits,” Accountable.us, March 15, 2022
[2] “Rep. DeFazio Introduces Bill to Fight Big Oil’s Greed and Provide Rebates to American Consumers,” DeFazio Press Release, March 16, 2022
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