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Windfall Profits Taxes?
Oil prices have skyrocketed, posing a new risk to the post-pandemic recovery. Feeling the pressure to respond, policymakers have proposed everything from gas tax holidays, tapping into strategic reserves, and even rebate cards. One idea that has crawled back from the dead: “Windfall Profits Taxes.” This idea is seemingly simple: legislation targeted at the “excess” profits of oil companies. However, as with anything in tax policy, the reality is much more complicated.
Wireless with Strings Attached
As of 2020, there were 448 million active cell phone and wireless plans in the U.S. than there were Americans. The taxes on those plans brought in approximately $11.3 billion and constituted a record 24.96 percent of the cost of an average cell phone bill. Explore why cellphone taxes are climbing, the places they’re the highest, the consumers they impact the most, and how things can be improved.
