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John,
The newly introduced 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.
This windfall profits tax would place a 50% tax on Big Oil corporations’ 2022 taxable income that exceeds 110% of their average taxable income between 2015 – 2019. And, the money collected would be returned to the American people in the form of a monthly, advanced, refundable tax credit.
We’re building support for this critical legislation in Congress and across the country to hold Big Oil accountable and return their excess profits directly to the American people. Pitch in today to fund the campaign to win >>
If you've saved your payment information with ActBlue Express, your secure donation will go through immediately:
Thank you for fighting corporate greed and always putting working people first.
Sarah Christopherson
Legislative and Policy Director
Americans for Tax Fairness Action Fund
-- Frank's email --
John,
73% of voters are rightly concerned about rising gas prices.[1] Last year the largest oil corporations raked in a combined $205 billion in record profits.[2] And, using Russia’s war in Ukraine as an excuse, they continue to price gouge the American people this year.
Just in the last two days, more than 11,000 Americans for Tax Fairness email activists like you from across the country became grassroots co-signers of the brand new Stop Gas Price Gouging Tax and Rebate Act introduced by Rep. Peter DeFazio (D-OR).
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.[3]
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.
We have momentum to hold greedy fossil fuel corporations accountable while putting money directly into the pockets of the American people. Donate today to keep fighting and demand Congress act!
If you've saved your payment information with ActBlue Express, your secure donation will go through immediately:
Together, we’re fighting back against corporate price gouging and fighting for policies that help you get through this period of rising prices.
Thank you,
Frank Clemente
Executive Director
Americans for Tax Fairness Action Fund
[1] “Gas Prices Survey,” Hart Research, March 15, 2022
[2] “REPORT: Oil Giants Post Eye-Popping $205 Billion Record Profits,” Accountable.us, March 15, 2022
[3] “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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