Top Senate Democrats released legislation Wednesday that would slap high taxes on oil and gas companies that attempt stock buybacks.
The “Taxing Buybacks from Big Oil Windfalls Act” is the party’s latest attempt to highlight oil companies’ soaring profits as the Middle East conflict sends the average price of gasoline soaring past $4.50.
The bill — which has virtually no chance of passage in Republican-controlled Congress — would raise the tax rate on large oil and gas companies’ stock buybacks from 1 percent to 25 percent.
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The effort is being led by Senate Finance ranking member Ron Wyden (D-Ore.), Minority Leader Chuck Schumer (D-N.Y.) and Sen. Michael Bennet (D-Colo.), who is running for governor.
