The House Committee on Ways and Means amended the Student and Family Tax Simplification Act last Thursday and has issued a comprehensive report on the bill. The bill, or H.R. 3393, was developed by Representatives Diane...
- 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.
- Rising transportation expenses consistently outpace dedicated transportation revenues, with the 18.6 cent per gallon tax on gasoline stagnating as American driving plateaus and fuel economy improves. ...
A key issue for state governors and legislators is how to pay for transportation expenses. In the last year, Virginia and Massachusetts raised a number of taxes for transportation purposes, a handful of states raised gasoline taxes, Oregon began...
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