H.R. 7960, Windfall Profits Tax with Consumer Rebate. Quorum's AI analysis reads it as a net benefit — and names who gains.
H.R. 7960 · Net good
What it does
This bill imposes a new federal excise tax on crude oil extracted or imported by large oil companies (those handling over 300,000 barrels daily), set at 50% of the amount by which the quarterly average price of Brent crude exceeds the 2025 baseline price.
The analysis names Individual taxpayers (especially lower-income and joint filers) — and 1 more group — among the beneficiaries.
The trade-off
The rebate amount is determined by the Secretary quarterly based on actual tax revenue and eligible individuals, creating administrative discretion and potential delays in rebate distribution that may lag price spikes.
Transparency scores 72%, with a medium warning level and no detached riders.
Who is behind it
Filed by Ro Khanna. Cosponsored by Adelita Grijalva, Al Green, Analilia Mejia and Becca Balint.