“The refunds aren’t profit. They are a return of an unlawful charge.”
The refunds were almost 99% pure profit.
Congress has the power to levy income taxes of every conceivable type, including a windfall profits tax.
Congress could if it wanted could levy a windfall profits tax on oil related income above 2025 amounts, which could be rebated.
“it’d take months to put your proposal into effect”
A windfall profits withholding tax could have been imposed and collected at the Treasury unless an exemption form (for say personal importation) was filed.
“The refunds aren’t profit. They are a return of an unlawful charge.”
The refunds were almost 99% pure profit.
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If a retailer overcharges me by $100 and then returns it, is the $100 a profit???????????
There was a windfall profits tax back in the 1980’s under Carter during that Oil Crisis.
The question is exactly what defines such a tax?