(WKBN) – One Ohio Senator thinks he has an even better idea than giving Americans a “holiday” on paying federal fuel taxes.
This week, President Biden asked Congress to relax the 18-and-a-half cents per gallon we pay the feds on gasoline.
While Senator Brown favors that idea, he says he’d rather see what he calls “an excess profits tax” imposed on oil companies that make too much on the fuel they sell.
“This is a world-wide problem, because the oil industry knows how to work the system…They have padded their profits. More stock buy-backs, more dividends, more money to executives. We should levy an excess profits tax on their profiteering,” said Senator Brown.
Brown says the money brought in through the tax should then be returned to consumers in the form of rebates.