U. S. may raise tax on repurchase of shares of Oil companies

2023.01.27 08:41

U. S. may raise tax on repurchase of shares of Oil companies

By Kristina Sobol  

Budrigannews.com – After Chevron Corp. (NYSE:), the Chair of the U.S. Senate Finance Committee, Ron Wyden, stated on Thursday that Congress must do more to raise taxes on oil companies’ stock buybacks. announced that the $75 billion budget for share buybacks would be tripled.

The Oregon Democrat said in a statement, “When oil companies jacked up prices at the pump while pulling in record profits, there were a lot of people who had to cut back on things like food, medicine, and travel with family,” and he had proposed legislation to raise the tax on oil firm buybacks to 25%.

U. S. may raise tax on repurchase of shares of Oil companies