Congressman Jason Crow Co-Sponsors Legislation to Bring Down Costs for Coloradans & Stop Price Gouging

Press Release

Congressman Jason Crow (CO-06) took a new step to lower costs for Colorado families, co-sponsoring legislation with Congressman Peter DeFazio (OR-04) to quickly deliver relief from inflation and high gas prices. The Stop Gas Price Gouging Tax and Rebate Act will hold big oil companies accountable for price gouging by levying a corporate windfall tax and return revenue back to consumers with a monthly tax rebate.

"Hardworking Colorado families are getting crushed by the high cost of gas and groceries. I'm working every avenue to help," said Congressman Jason Crow. "The Stop Gas Price Gouging Tax & Rebates Act will hold opportunistic companies accountable for price gouging and deliver direct relief into the pockets of those who need it most."

While Americans paid an average of 48.7% more for gas over the last year, top oil companies made a record $237 billion in profits in 2021 and the four largest Big Oil companies collectively made $27 billion in profits in just the first quarter of 2022. Seven major oil companies are on track to deliver $38 billion in stock buybacks for shareholders this year.

Congressman Crow hears every day from hardworking Coloradans who are struggling with high costs of everyday goods like gas and groceries. In his ongoing efforts to address supply chain issues he has voted to pass the America COMPETES Act, to lower costs he has voted for the Lower Food and Fuel Costs Act, and to stop opportunistic companies from price gouging, he has voted for the Consumer Fuel Price Gouging Prevention Act.

With working class families suffering in Colorado, Congressman Crow is looking for yet another avenue to deliver relief. His Stop Gas Price Gouging Tax and Rebate Act builds on these money-saving efforts by:

Creating a one-time windfall profit tax on excessive corporate profits
Big Oil will pay a one-time, 50 percent windfall profit tax on any adjusted taxable income (ATI) in 2022 that exceeds 110 percent of their average ATI during pre-pandemic levels between 2015-2019.
Lowering energy prices for Americans with a tax rebate
The rebate will be fully paid for. The revenue raised by the windfall profit tax in this legislation will be returned to consumers as a monthly, advanced, and refundable tax credit that will be phased out by income.
Eligibility is identical to criteria used for economic impact ("stimulus") payments that were included in the American Rescue Plan (ARP).

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