For more on corporate taxes, see Kyle's recent study "U.S. Multinationals Paid More Than $100 Billion in Foreign Income Taxes."
- Tax Review: The Oil Excise Tax: Another Government Windfall
Tax Review: The Oil Excise Tax: Another Government Windfall
Volume XL No. 9
The Windfall Profits Tax, writes Professor Meiselman in this issue of Tax Review, will not solve the energy problem; in fact, it will make the U.S. even more dependent on foreign oil. After examining the rationale behind the windfall tax, the author describes this "new and major tax" as a "money machine" designed to finance still larger Federal budgets and to compensate for "embarrassingly large Federal deficits." Some of Dr. Meiselman's analysis is addressed to the specifics of the House-passed energy bill (HR 3919) which the Senate and Conference Committee may alter significantly. His main argument, however, focuses on the "windfall profits" tax concept and is very pertinent to the current debate.
Tax Foundation Fiscal Fact No. 264
Every day, news headlines highlight the rising price of crude oil. An article on the determinants of oil prices, ominously titled "The Price of...
Tax Foundation Fiscal Fact No. 263
Facing a $3.2 billion deficit, newly elected Connecticut Governor Dannel Malloy (D) recently proposed a FY 2012 budget that would increase taxes by $1.5 billion, cut spending by $...