Posted on 11/10/2022 10:59:48 AM PST by ChicagoConservative27
President Biden recently went on TV to denounce the “outrageous profits” of the major oil companies and declare that he would push Congress to enact a tax on their excess profits.
But “excess profits” are in the eye of the beholder, and oil companies have always been the target of political scrutiny any time they report large profits or the price of gasoline rises.
It is still surprising that Biden would embrace a so-called “windfall profits tax” on oil companies when it proved to be an utter failure the last time it was tried under President Jimmy Carter. It would be a mistake for Congress to bring life to this proposal as the lame-duck session approaches.
The Crude Oil Windfall Profit Tax of 1980 was intended to capture the excess profits of the major oil companies after Carter and Congress lifted the federally imposed price controls on domestically produced oil, effectively deregulating the oil and gas market. Despite its name, the policy didn’t tax the income of oil companies, it placed an excise tax on the difference between the market price of oil and a fixed base price. The new tax was expected to raise some $393 billion over the following decade.
(Excerpt) Read more at thehill.com ...
How do you define “excess”, Lunch Bucket Joey?
Pretty bad when The Hill wants to slow down communism.
He will. It’s what marxists do.
Why not. He’s doing way worse than Carter without even trying. At least Carter loved America and was an American even if he sucked at leadership.
If you think about it, the only windfall tax that would be appropriate would be one on big Pharma.
And yet here we are.
Except with Carter it was incompetent central planning. With Biden it’s deliberate war on the people.
Carter was dumb but Biden is an idiot extraordinaire.
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