Gasoline Tax Holiday and Windfall Profits Tax on Oil Companies
This act introduces a temporary federal gasoline tax holiday, potentially lowering fuel prices. It also imposes a new tax on the high profits of large oil companies, with the collected funds intended for distribution among registered vehicle owners. The act further aims to combat fuel price gouging.
Key points
Federal gasoline tax suspended until the end of 2022, potentially reducing fuel costs.
A 50% tax on the extraordinary profits of large oil companies for 2022 is introduced.
Funds from the windfall profits tax will be distributed equally among all registered vehicle owners in the U.S.
The Federal Trade Commission will investigate and penalize companies for fuel price gouging from early 2022.
Status:
Expired
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