Congressman Michael San Nicholas has voiced his support for House Resolution 7099, the “Stop Gas Price Gouging Tax and Rebate Act.”
This would create a windfall profit tax within the US tax code on excessive corporate profits from oil production companies and would return this back to the people in the form of a tax rebate.
According to the Office of the Congressman, back in 2021, the largest oil and gas companies made a combined record of $237 billion in profits.
San Nicolas states, “H.R. 7099 seeks to re-establish fairness for American gas consumers by securing for them a gas price rebate funded by assessing an excise tax on gas profits that meaningfully exceed pre-pandemic profit levels of oil production companies.”
Eligibility for the program will be determined using criteria identical to those used for the American Rescue Plan Act.
The revenue raised by this legislation will be returned to consumers as a monthly, advanced, and refundable tax credit that will be phased out by income.