Stop Gas Price Gouging Tax and Rebate Act
Congressman Peter DeFazio (OR-04) introduced the Stop Gas Price Gouging Tax and Rebate Act. This legislation would create a windfall profit tax on excessive corporate profits and return the revenue to American consumers in the form of a tax rebate.
“Big Oil is foaming at the mouth,” said Rep. DeFazio. “After price-gouging Americans in 2021 to make record profits, Big Oil is now reaping the benefits of Putin’s price hike. As we face COVID-related supply chain bottlenecks and uncertainty created by Vladimir Putin’s unprovoked invasion of Ukraine, I repeat to Big Oil what President Biden said just a week ago – it’s no time for profiteering or price-gouging. This is why I’ve introduced the Stop Gas Price Gouging Tax and Rebate Act. My legislation would tax Big Oil’s excess profits in 2022 and return the revenue back to Americans. It’s beyond time to put people over profits – period.”
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