Senator Wyden visits Eugene to tout his Big Oil Surtax
Oregon Senator Ron Wyden was in Eugene today (Monday) to pitch a bill he said would bring down gas prices. He calls his proposal the Big Oil Surtax. It would change federal tax laws to penalize oil companies that buy back large amounts of stock or use accounting tricks to make their profits appear smaller.
On the other hand, Wyden said, “If the big oil companies are investing in productivity, efficiency, buying new equipment for example that’s cleaner and greener, or just generally making smart investments, those won’t be taxed.”
Wyden, a democrat who Chairs the Senate Finance Committee, said this approach is different than anything else that’s been tried. He said it would target specific practices rather than add an excise tax that then can get passed on to consumers.