The Republican controlled Pennsylvania House of Representatives, with strong Democratic support, recently passed a bill to increase the state’s personal income and sales and use taxes. If passed by the Republican...
- 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.
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