Sheldon Whitehouse (D-RI)

Big Oil Windfall Profits Tax Act

S. 4111 · Senate bill Taxation

A Democratic bill with 12 Democratic cosponsors · See all 13 cosponsors

Last activity — Read twice and referred to the Committee on Finance.

In committee

Introduced and handed to a committee in the chamber it started in.

The committee holds it, and most bills are never heard from again. A hearing or a committee vote would be news; silence is the usual outcome, and it kills the bill without anyone voting against it.

Its path through Congress

  1. Introduced
  2. In Committee

What this bill would do

The Big Oil Windfall Profits Tax Act proposes to amend the Internal Revenue Code of 1986. It imposes an excise tax on covered taxpayers for each barrel of taxable crude oil extracted or imported. The tax rate is based on a percentage of the excess price of Brent crude oil compared to a specific period in 2025. The revenue collected from this tax is intended to be used for gasoline price rebates for eligible individuals. These rebates are provided as a credit against income taxes.

Yes· 3 of 7

  • Scored +8

    Does this raise the taxes companies pay?

    The bill imposes a new excise tax on large oil companies extracting or importing crude oil when prices exceed a set threshold.

  • Scored +5

    Would households on low incomes be better off under this?

    The gasoline price rebate provides direct financial relief to eligible individuals regardless of high income.

  • Scored +4

    Would middle-income households be better off under this?

    The gasoline price rebate provides tax credits that offset rising fuel costs for many households.

The opposite

  • Scored -5

    Would business owners be better off under this?

    Large oil producers will be subject to a new excise tax on their profits.

  • Scored -3

    Would high-income households be better off under this?

    The gasoline price rebate credit is reduced for individuals with high adjusted gross incomes.

  • Scored -2

    Is this likely to grow the economy?

    The imposition of a windfall tax on oil production may discourage large-scale resource extraction.