Senator Amy Klobuchar (D-MN) said: "Oil companies have been ripping us off over and over and over again, and this is going to stop."
The legislation, proposed by Sen. Robert Casey, D-Pa., would impose a 50 percent tax on profits after oil prices rise above $50 a barrel. Here's some of the text:
"...(1) the amount equal to 50 percent of the windfall profit from all barrels of taxable crude oil removed from the property during each taxable year"; "(c) Adjusted Base Price Defined-
- `(1) IN GENERAL- For purposes of this chapter, the term `adjusted base price' means $50 for each barrel of taxable crude oil plus an amount equal to--
- `(A) such base price, multiplied by
- `(B) the inflation adjustment for the calendar year in which the taxable crude oil is removed from the property.
- The amount determined under the preceding sentence shall be rounded to the nearest cent...."
I'll have more in the next post.