Gas companies may face taxes on higher profits
“At $120 per barrel of oil, the levy would raise approximately $45billion per year,” Khanna told USA Today.
“At that price, single filers would receive approximately $240 each year and joint filers would receive roughly $360 each year.”
“If they avoid the tax, that’s less relief for the American public, but that means that their price will come down.”
However, Khanna said that the Democratic pair hasn’t gotten Republican representatives on board yet.
While this proposal may not succeed in Congress, the White House is considering imposing a windfall tax on oil and gas companies, per Reuters.
Many major oil producers have enjoyed record-high profits this year as gasoline prices soared.
