“Our broken tax code is working for Big Oil, not American families,” Wyden told CNN in a statement. “The proposal I’m developing would help reverse perverse incentives to price gouge by doubling the corporate tax rate on companies’ excess profits, eliminating egregious buybacks, and reducing accounting tricks,” Wyden said. Such a move could be popular given that oil company profits are surging, and gasoline prices are at record highs. Specifically, it would apply a 21% additional tax on excess profits. The proposal would calculate excess profits by subtracting a normal return of 10% on expenses from current profits.

Source: New York Times June 15, 2022 16:18 UTC