CONGRESSMAN STEVEN HORSFORD QUESTIONS IRS COMMISSIONER ON RISING GAS PRICES

WASHINGTON, D.C. – Today, Congressman Steven Horsford (D-NV-04) joined colleagues on the House Ways and Means Oversight Subcommittee for a hearing with IRS Commissioner Rettig on the 2022 Filing Season. During the hearing, Congressman Horsford questioned the Commissioner on soaring gas prices that are negatively impacting his constituents and what the IRS is doing to address this. Please find Congressman Horsford's statement as prepared:

• Thank you, Mr. Chairman, I appreciate you holding this critically important hearing with IRS Commissioner Charles Rettig.
• And welcome back Commissioner Rettig. I know you and entire staff at the IRS have been working tirelessly to address the backlog from last year and the incoming tax returns for this year. So, thank you again for your service.
• I'm hearing from my constituents every day about rising gas prices. The prices are simply too high.
• In fact, since President Putin started his devastating war in Ukraine, the price of gas has gone up 75 cents.
• But the price of oil is rising disproportionately compared to the cost of a barrel of oil.
• As gas prices soared in 2021, the largest oil and gas companies made a combined $205 billion in record profits, according to a new report by Accountable.US. Exxon Mobil, the largest oil and gas company in the U.S., reported over $23 billion in profit in 2021 alone, which was a 60 percent increase compared to its 2019 profit of $14 billion.
• Big Oil has used its excess billions in profit to shower CEOs and shareholders with cash instead of providing price relief to Americans.
• At the same time, many big oil companies are not paying their fair share of taxes. There are several instances of companies not paying any taxes at all and others who have received an unprecedented share of tax breaks. That is why we must rethink these tax giveaways to put people over profits.
• This is simply not fair to the American people. In this time of crisis, we cannot continue to allow Big Oil to price-gouge Americans at the pump and put profits over people.
• Not only must we hold President Putin accountable, but we must also hold big oil accountable as well.
• QUESTION: What steps is the IRS taking to provide relief to the American people? And does the IRS support providing an income-based tax to provide consumers with a monthly rebate paid for by the excess profits of big oil companies?

Click here to watch the interaction between Rep. Horsford and IRS Commissioner Rettig.

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