Biden ally pushes Big Oil surtax to eliminate 'perverse' incentives to price gouge
CNN
Democratic Sen. Ron Wyden is drawing up a surtax on Big Oil that would seek to rein in the industry's skyrocketing profits at a time when gasoline prices are at record highs.
Wyden, an Oregon Democrat who chairs the Senate Finance Committee, is floating a 21% surtax on the excess profits of oil and gas companies that generate more than $1 billion in revenue, according to a spokesperson for the senator.
"Our broken tax code is working for Big Oil, not American families," Wyden told CNN in a statement.
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