Way back in 1973 when OPEC was first able to raise the price of oil dramatically and Iran and others were able to impose the first oil embargo and oil company profits shot up, there was serious talk of imposing a windfall profits tax on Big Oil. After all they had done nothing to earn the much greater profits. That effort died, probably because the nation was distracted by Watergate, and successful oil company lobbying.
Now that there is less competition among the oil companies and their profits have increased many-fold from the early 1970s, I think that it is time to revisit the idea of imposing a windfall profits tax on Big Oil. If the 1% will not pay their fair share, then let us tax corporate persons more heavily to help reduce the Federal deficit. The GOP always wants to balance the budget on the backs of the poor; they do it every time. It is time for a different approach.
Related articles
- The Cruel Math of the Marginal Barrel (businessinsider.com)
- Will big oil profits mean big oil tax hikes? By the Numbers: $36.5 billion (dontmesswithtaxes.typepad.com)
- Lloyd Chapman: $5 Per Gallon Gas is Coming; Where’s Obama’s Windfall Profits Tax on the Oil Industry? (huffingtonpost.com)
- Gas Prices Are an Endogenous Variable (forbes.com)
