Big Oil Windfall Profits Tax Act

Summary

The bill adds a windfall profits excise tax on crude oil produced or imported by big oil companies that handle more than 300,000 barrels a day. The tax is set at 50% of the amount by which the current Brent price exceeds the average Brent price in 2025, with an inflation adjustment. Collected revenue is returned to eligible individuals as a credit that lowers their gasoline tax bill, with income limits that reduce the credit for higher earners.

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