Let Me Get This Straight…
Here’s the logic of our elected representatives in Congress when it comes to taxing profits:
Oil companies are benefiting from the higher price of an asset (oil), some of which is driven by speculation. So the proper policy prescription is to impose a special windfall profits tax on them during that boom period.
Home builders benefited from the high price of an asset (housing), some of which was driven by speculation. So the proper policy prescription is to allow them to reduce their tax bills they paid during that boom period via a special loss carryback provision.
Can you tell it’s an election year?
Was this page helpful to you?
Thank you!
The Tax Foundation works hard to provide insightful tax policy analysis. Our work depends on support from members of the public like you. Would you consider contributing to our work?
Contribute to the Tax FoundationLet us know how we can better serve you!
We work hard to make our analysis as useful as possible. Would you consider telling us more about how we can do better?
Give Us Feedback