Latest action: Referred to the House Committee on Ways and Means.
Referred to one or more standing committees for review, hearings, and possible markup.
Specific committees not parsed from action data.
The committee may hold hearings, amend the bill, or let it die without action.
Next: Reported
Full chamber floor — Speaker / Majority Leader controls scheduling
Imposes a tax on oil company profits above a certain threshold.
The problem
Oil companies have earned record profits recently. Some believe these profits are excessive and the companies should contribute more in taxes.
The proposal
The bill would tax oil and gas companies on profits exceeding a set amount. Higher profits would face higher tax rates.
The impact
Oil companies would pay more taxes. This could affect gas prices, energy costs, and jobs in the oil industry.
The tax would generate money for the federal government. This revenue could fund other programs or reduce the deficit.
The tax only applies when companies exceed certain profit thresholds. It does not penalize normal business operations or reasonable earnings.
Supporters argue large corporations should pay their fair share when earning record profits. This addresses concerns about unequal tax burdens.
Revenue could potentially fund clean energy initiatives or climate programs. This aligns with reducing fossil fuel dependence.
Oil companies might pass tax costs to consumers through higher gas and heating prices. This would burden households and businesses.
Lower profits might discourage oil companies from investing in new production, maintenance, or exploration. This could reduce energy supply.
Companies facing lower profits might cut jobs in drilling, refining, and related industries. This affects workers and local economies.
U.S. oil companies might be disadvantaged against foreign competitors not facing similar taxes. This could shift production and jobs overseas.
Generated by AI from the bill text. Not a prediction and not legal or policy advice. The percentage is the model's own rating of each item — self-reported, and not a measure of how accurate it is.
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Individual contributions, grouped by employer · FEC
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Itemized individual contributions via FEC, grouped by the employer each contributor self-reported. Companies and unions cannot contribute to federal candidates from their treasuries, so these totals are money from people who work at an employer — never from the organization itself. They are campaign contributions covering a full election cycle and are not connected to this bill.
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