Big Oil Windfall Profits Tax Act
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Summary
This bill imposes a federal excise tax on crude oil producers and importers, set at 50% of the amount by which the average quarterly price of Brent crude oil exceeds the 2025 baseline price (adjusted annually for inflation). The tax applies to companies extracting or importing more than 300,000 barrels daily. Revenue from the tax is rebated to individual taxpayers through a refundable tax credit, with joint filers receiving 150% of the standard amount and credits phasing out for higher-income households.
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How your representatives voted
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