Stop oil company war profiteering with a windfall tax. England has done it. It’s time for America too.
Should oil war profiteers be rewarded with more tax cuts? Or pay a windfall tax to provide gas price relief?
Should oil war profiteers be rewarded with more tax cuts? Or pay a windfall tax to provide gas price relief? You get to decide. England passed a windfall tax on obscene oil company profits to provide relief to the public. President Biden has proposed a windfall oil tax. The Republicans are proposing more tax cuts for their billionaire donors. Follow the money to see how billionaires are exploiting the war from the Russian invasion of Ukraine, and how your vote matters.
Follow the money behind oil companies war profiteering
Biden Accuses Oil Companies of ‘War Profiteering’ and Threatens Windfall Tax
President Biden threatened on Monday to seek a new windfall profits tax on major oil and gas companies unless they ramp up production to curb the price of gasoline at the pump, an escalation of his battle with the energy industry just a week before the midterm elections. The president lashed out against the giant firms as several of them reported the latest surge in profits, which he called an “outrageous” bonanza stemming from Russia’s war on Ukraine. He warned them to use the money to expand oil supplies or return it to consumers in the form of price reductions.
“If they don’t, they’re going to pay a higher tax on their excess profits and face other restrictions,” Mr. Biden told reporters at the White House. “My team will work with Congress to look at these options that are available to us and others. It’s time for these companies to stop war profiteering, meet their responsibilities to this country, give the American people a break and still do very well.” – NY Times
Britain Will Tax Oil and Gas Profits
The tax on the “extraordinary” profits of oil and gas companies is expected to raise 5 billion pounds and help fund £15 billion in payments to households. The British government said it would use a windfall profits tax on oil and gas companies to help raise funds for direct payments to households, totaling about 15 billion pounds (about $19 billion), to ease the country’s cost-of-living crisis. Rishi Sunak, the chancellor of the Exchequer, announced the measures as the government has come under increasingly intense pressure to help households with rapidly rising inflation and energy bills. Mr. Sunak said that energy companies had benefited from the surge in global commodity prices, in part driven by the war in Ukraine, and that some of their soaring profits could be used to protect low-income households.
Oil and gas companies will be charged a 25 percent tax on their “extraordinary” profits. The tax will be phased out as energy prices return to normal, Mr. Sunak said, but will not last beyond 2025. It will generate £5 billion over the next year, amounting to about a third of the cost of the direct payments for households, the Treasury estimated. The measure will include an investment allowance that will help companies cut their tax if they reinvest their profits in Britain. – NY Times
GOP wants to push to extend Trump tax cuts after midterm elections
Republican lawmakers gear up to push 2017 tax law after midterm elections, despite potential impact on inflation. “While President Biden and congressional Democrats are fighting to make middle class families the heart of our economy. … Republicans want to sell those families out to rich special interests and by doubling down on their 2017 tax giveaway to the ultrawealthy and corporations,” White House spokesman Andrew Bates said. – Washington Post
Fight for your freedom
From our freedom to make a living ware, decide if and when we grow our families, to our freedom to vote, to our freedom for our families to thrive, Trump Republicans want to control us, use violence to overthrow elections, and block the policies we favor. We’ve seen what happens when Trump Republicans have claimed to be for freedom, only to take it away and impose their will. This November, remember: You’re a part of the fight for freedom. – Way To Win
TakeAway: Vote to end corporations price gouging and using their profits to pay politicians for more tax cuts.
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Reposted from Democracy Labs with permission.
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