CONGRESS FOR VOTERS

DemocratBill · S. 4588· Senate(119-S-4588)

Taxing Buybacks from Big Oil Windfalls Act

Rep. Wyden
Age: 77 years
Oregon
Introduced
5/20/2026
Last activity
5/20/2026 — Read twice and referred to the Committee on Finance.
Sponsored by
Ron Wyden
Cosponsors
Democrat - 16Republican - 0
Taxation
  1. Introduced
  2. In Committee

What this bill would do

This bill, titled the "Taxing Buybacks from Big Oil Windfalls Act," aims to amend the Internal Revenue Code of 1986. It seeks to increase the excise tax on corporate stock repurchases for specific large oil and gas companies. The tax rate for these specific corporations would increase from 1 percent to 25 percent. This applies to corporations with average annual gross receipts of at least $1,000,000,000 that are primarily engaged in oil or natural gas trades or businesses. The increased tax rate applies until a specific gasoline price requirement is met.

Yes

  • Does this raise the taxes companies pay?+8

    The bill increases the excise tax on stock repurchases from 1 percent to 25 percent for large oil and gas corporations.

The opposite

  • Would business owners be better off under this?-5

    The bill imposes a much higher tax rate of 25 percent on stock repurchases for large corporations in the oil and gas industry.

  • Would high-income households be better off under this?-3

    The tax targets large corporations, which may indirectly affect the wealth concentration of high-income shareholders through reduced buyback activity.

  • Does this reduce how much oil, gas and coal is produced?-2

    Increasing the tax on stock buybacks for oil and gas companies may discourage reinvestment in the sector, though the primary mechanism is a tax on liquidity rather than production itself.