FINALLY, President Biden calls for a Windfall Profit Tax. He even (accurately) accused oil companies of war profiteering! This is exactly what we want to hear.
A huge percentage of current inflation is a result of corporate price gouging. They’ve taken advantage of the hysteria surrounding the economy and the war in Ukraine and used it to indiscriminately jack up prices across the board. And then, instead of investing their record profits to lower costs for consumers, they’ve enriched their shareholders.
A Windfall Profits Tax would target this corrupt practice, but Biden cannot pass it alone. He needs much more support from Congress!
Sign the petition at https://act.demandprogress.org/sign/biden-calls-windfall-profit-tax-congress-should-listen: Tell Congress to listen to President Biden and pass a Windfall Profit Tax!
Energy corporations are seeing historic profit margins right now. “Over the last two quarters, ExxonMobil, Chevron, Shell, BP, ConocoPhillips, and Total Energy earned over $100bn more than they earned ALL of last year.” That’s insane. Instead of investing these massive profits into lowering prices, corporations have been sending it to their shareholders in the form of stock buybacks.
President Biden put it best when he tweeted, “Can’t believe I have to say this but giving profits to shareholders is not the same as bringing prices down for American families.” It is clear that these corporations won’t acquiesce simply because the president asked them. Direct action is needed by Congress to pass the tax.
But is it too little too late? Senator Bernie Sanders called for a Windfall Profit Tax back in April, that was the time to move. Hearing Biden finally say the right thing is promising, but it will have no hope of becoming reality unless Congress actually puts it into law.
Sign the petition: Tell Congress to listen to President Biden and pass a Windfall Profit Tax!
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