1/26, 7:51 PM (Source: TeleTrader)
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Dem Senator wants taxes on oil firm stock buybacks to be raised

United States Senate Finance Committee Chairman Ron Wyden (pictured) proposed on Thursday legislation that would tackle the issue of taxes on big oil companies' stock repurchasing and raise the rate to 25%.

In a statement, he criticized energy giants after Chevron Corp. revealed its decision to buy back a whopping $75 billion worth of its shares, adding that the current repurchasing tax rate is too low.

"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," Wyden commented. Previously, he wrote on Twitter that Americans were suffering, while energy giants were rewarding "its executives and shareholders with stock buybacks."

Baha Breaking News (BBN) / AY