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Democrats Want To Tax Oil Companies And Send The Money To Working Class Families - YouTube
Channel: The Ring of Fire
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Democratic lawmakers late last week, put forward聽
legislation that would tax the windfall profits of聽聽
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oil companies here in the United States and they聽
would use that money, as the legislation says,聽聽
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to send quarterly checks to American citizens,聽
right? To working class, lower income Americans,聽聽
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you would get a check every three months. That聽
would be money directly from the oil companies聽聽
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because they've been price gouging us for so long.聽
In the House, the rep, legislation, excuse me,聽聽
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was put forward by representative Ro Khanna聽
in the Senate, put forth by Democratic Senator聽聽
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Sheldon Whitehouse. Two great people, by the way,聽
they typically are very progressive on most of the聽聽
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issues. This is brilliant legislation, but let's聽
be totally clear about something here, folks.聽聽
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The purpose of this legislation, should it聽
ever become a law, which I don't think it will,聽聽
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unfortunately, but the purpose of the聽
legislation is not to actually get you money.聽
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In fact, the amount of money that each individual聽
person would get, um, is, is, is pretty,聽聽
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pretty small. So, you know, we're, we're literally聽
talking about a couple hundred dollars per year.聽聽
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Like, no, no, no, not per payment, per year,聽
because yes, there's cutoffs just like the聽聽
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last round of stimulus, $75,000 income for a聽
single filer, $150,000 income for joint filers.聽聽
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So you'd get 240 to $360 per year based on the聽
current prices of oil and the formulations that聽聽
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they use to determine how much money you get.聽
So again, even though that money would help聽聽
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lower income people, there's no denying that,聽
let's be clear. But the real point of it is not聽聽
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to actually put money in people's pockets. The聽
real point of the legislation is to stop these聽聽
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companies from gouging us at the pump because聽
the windfall tax would be a 50% tax on those聽聽
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excess profits that the oil companies make. And聽
again, there's a rather complicated way that they聽聽
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would figure this out. It's in the legislation. I聽
could try to explain it, but it's too complicated.聽
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Just understand a 50% windfall tax on excess聽
profits for anything over what the price of a聽聽
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barrel of oil was between 2015 and 2019,聽
plus the difference of today, than 50%聽聽
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over that. See what I mean, little complicated,聽
but trust me in the legislation, they do have聽聽
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it all worked out and they understand it. So聽
that's, that's what's important. But again,聽聽
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we're getting screwed. Oil profits in the聽
last 12 months have risen by 60 to 80%聽聽
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yet we're paying over $4 a gallon on average for聽
gasoline right now and we're supposed to believe聽聽
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that it's only because of the friction over in聽
Europe. Oh, it's because of inflation. Bull.聽聽
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It is because of corporate greed. That is聽
what this is. And yes, international tensions,聽聽
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conflicts do raise the price of oil, but not聽
because there's any kind of real disruption.聽聽
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But because volatility sends the price of oil聽
skyrocketing, because the people who control the聽聽
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price of oil do that. That's why that is. It's not聽
as complicated as a lot of people want to think.聽聽
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We're paying more for gasoline right now because聽
they want us to. It's as simple as that. And this聽聽
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legislation from Ro Khanna and Sheldon Whitehouse聽
might help to put an end to that in the future.
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