Legislation introduced by Sen. Ron Wyden (D-Ore.) would double excess-profit taxes on oil companies making over $1 billion a year. The bill, the Taxing Big Oil Profits Act, would impose a 21 percent tax on the excess profits of oil and gas companies making more than $1 billion annually. Excess profits are determined by current profits minus a normal 10 percent return on investment. “Our broken tax code is working for Big Oil, not American families. While Americans pay more to fill up their gas tanks, Big Oil companies are raking in record profits, rewarding their CEOs and wealthy shareholders with massive stock buybacks, and using special loopholes in the tax code to pay next to n
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