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Windfall Profits Taxes

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Details and analysis of European Tax Trends and European Tax Reforms

Tax Trends in European Countries

In recent years, European countries have undertaken a series of tax reforms designed to maintain tax revenue levels while protecting households and businesses from high inflation.

8 min read
Windfall Profits Taxes in Europe, August 2023

What European Countries Are Doing about Windfall Profit Taxes

It’s unlikely these implemented and proposed windfall taxes will achieve their goals of raising additional revenues without distorting the market. Instead, they would penalize domestic production and punitively target certain industries without a sound tax base.

13 min read
2023 spain tax reform and spain tax policy including Spain wealth tax and Spain windfall tax policies

Spain Is Doubling Down on Poor Tax Policy

Spain should follow the examples of Italy and the UK and enact tax reforms that have the potential to stimulate economic activity by supporting private investment while increasing its international tax competitiveness.

7 min read
UK tax plan Rishi Sunak tax plan

A Tale of Two Tax Plans in the United Kingdom

History is clear. Lowering budget deficits via spending restraint frees resources for additional private output and jobs. Lowering them by raising taxes on business investment and labor services makes it harder to dis-inflate without a recession.

7 min read
California tax increases, California tax ballot measure California Proposition 30 and California windfall profits tax proposal for California gas prices and tax on oil companies

California Can’t Give Up Tax Increases

California is no stranger to high taxes, and the state has enough going for it that its economy can withstand higher tax burdens than would be viable in other parts of the country. But there’s always a tipping point.

5 min read
Windfall tax Europe 2023 windfall profits taxes in EU windfall tax What European Countries Are Doing about Windfall Profit Taxes and Windfall Tax policies in Europe Bloomberg Tax

What European Countries Are Doing about Windfall Profit Taxes

It’s unlikely these implemented and proposed windfall taxes will achieve their goals of addressing high gas and energy prices and raising additional revenues. They would more likely raise prices, penalize domestic production, and punitively target certain industries without a sound tax base.

9 min read
Carbon tax revenue recycling for border-adjusted carbon tax border adjustments Taxing Big Oil Profiteers Act Wyden excess profits tax oil and gas companies Carbon Tax definition, Carbon Emissions, CO2 Emissions, Global Temperatures, Climate Change, AOC, Ocasio-Cortez, Green New Deal, energy, environomental, payroll tax cut

“Taxing Big Oil Profiteers Act” Risks Disincentivizing Production, Inventory

In response to high oil prices, Sen. Wyden has proposed raising taxes on oil and gas companies in three ways. His “Taxing Big Oil Profiteers Act” would create an additional 21 percent tax on so-called excess profits earned over 10 percent of revenues of oil companies with annual revenues over $1 billion; levy a tax on stock buybacks; and remove last-in, first-out (LIFO) tax treatment of inventory accounting.

7 min read
Carbon tax revenue recycling for border-adjusted carbon tax border adjustments Taxing Big Oil Profiteers Act Wyden excess profits tax oil and gas companies Carbon Tax definition, Carbon Emissions, CO2 Emissions, Global Temperatures, Climate Change, AOC, Ocasio-Cortez, Green New Deal, energy, environomental, payroll tax cut

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.

gas tax definition windfall profits tax oil and gas profits oil company profits windfall tax

Windfall Profits Tax Wrong for American Energy

As oil prices skyrocket, a windfall profits tax targeted at oil company profits could punish domestic production and increase reliance on imports.

3 min read
international tax avoidance To help countries face the pandemic-related financing needs while reducing inequality, the International Monetary Fund (IMF) has released a series of policy recommendations based on a temporary COVID-19 tax, levied on high incomes or wealth. IMF tax proposals: shrink inequality or harm pandemic economic recovery? OECD work plan, BEPs 2.0, base erosion, profit allocation, global minimum tax, base erosion and profit shifting oecd

IMF Tax Proposals: Shrink Inequality or Sink Post-Pandemic Recovery?

To help countries face the pandemic-related financing needs while reducing inequality, the International Monetary Fund (IMF) has released a series of policy recommendations based on a temporary COVID-19 tax, levied on high incomes or wealth.

4 min read