Generic Other
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Mon Apr-25-11 07:38 PM
Original message |
Whatever happened to the "Windfall profits" tax? |
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I recall Senator Henry Jackson using this threat to rein in oil companies during the Carter years. Why isn't it being used again?
According to Wikipedia:
In 1980, the United States enacted the Crude Oil Windfall Profit Tax Act (P.L. 96-223) as part of a compromise between the Carter Administration and the Congress over the decontrol of crude oil prices. The Act was intended to recoup the revenue earned by oil producers as a result of the sharp increase in oil prices brought about by the OPEC oil embargo. According to the Congressional Research Service, the Act's title was a misnomer. "Despite its name, the crude oil windfall profit tax... was not a tax on profits. It was an excise tax... imposed on the difference between the market price of oil, which was technically referred to as the removal price, and a statutory 1979 base price that was adjusted quarterly for inflation and state severance taxes."
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Drale
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Mon Apr-25-11 07:41 PM
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1. I like it but before they pay a windfall tax |
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They have to pay regular taxes first.
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Generic Other
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Mon Apr-25-11 07:55 PM
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still, we need to discourage this sort of crap. If they are unable to profit, they will be less likely to try this rampant thievery.
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iemitsu
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Mon Apr-25-11 08:02 PM
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3. its time we nationalize the oil companies. |
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or at least all of the profits being derived from public lands. very little of american oil is being sucked from private lands.
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Generic Other
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Mon Apr-25-11 08:30 PM
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4. I just want it to be illegal to screw with vital commodities |
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simply to speculate. Seems particularly egregious in time of war. Seems treasonous when the country is in such dire straights.
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unblock
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Mon Apr-25-11 09:10 PM
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5. if you don't let the rich keep their windfalls, they'll have nothing to refuse to give the poor. |
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