Breaking News
Investing Pro 0
Last Call for Cyber Monday! Save Now on Claim 60% OFF

U.S. Senate finance chair: Congress should hike tax on oil firms' stock buybacks

Published Jan 26, 2023 01:52PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. FILE PHOTO: The logo and trading information for Chevron is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., June 27, 2022. REUTERS/Brendan McDermid
 
CVX
+0.84%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 

(Reuters) - U.S. Senate Finance Committee Chair Ron Wyden on Thursday said Congress must do more to raise taxes on oil companies' stock buybacks after Chevron Corp (NYSE:CVX) announced it would triple its budget for share buybacks to $75 billion.

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

U.S. Senate finance chair: Congress should hike tax on oil firms' stock buybacks
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.
  • Any comment you publish, together with your investing.com profile, will be public on investing.com and may be indexed and available through third party search engines, such as Google.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (5)
gab nea
gab nea Jan 30, 2023 7:43AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
the oil companies are sitting on tons of federal oil land leases and are refusing to increase production! they love the profits and people's miseries!
gab nea
gab nea Jan 30, 2023 7:39AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
totally agree! they gouged us unnecessarily to help putin the devil! tax them heavily the just reported huge unprecedented profits from the gouging.
Brook Buck
Brook Buck Jan 26, 2023 3:51PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
How about tech? Apple is buying back $400B of stocks.
Mark Jannetty
Mark Jannetty Jan 26, 2023 3:51PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Pelosi owns Apple
EL LA
EL LA Jan 26, 2023 2:09PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Why don't they just encourage production? Wouldn't that be better for the world economy?
gab nea
gab nea Jan 26, 2023 2:09PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
increasing production means lower prices for us, less profits for them! you think oil companies are on the consumer side? think again!
Dave Jones
Dave Jones Jan 26, 2023 2:05PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Should be 50%
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email