Wyden Unveils Taxing Big Oil Profiteers Act

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Washington, D.C. - Senate Finance Chair Ron Wyden, D-Ore., today unveiled the Taxing Big Oil Profiteers Act. The bill would double the tax rate of Big Oil's excess profits, impose an excise tax on stock buybacks benefiting wealthy shareholders, and close one of Big Oil's favorite tax loopholes.

The bill is also sponsored by Senators Schumer, Murray, Stabenow, Casey, Padilla, Hirono, Booker, Klobuchar, Reed, Warnock, Feinstein, Blumenthal, and