Windfall Profits Taxes A Good Revenue Source?
November 9, 2005
Just in time for Senate hearings grilling oil companies for their strong profit reports in recent months, here’s a provocative data set to keep in mind.
The chart below shows the projected and actual revenues from America’s last windfall profits tax passed during the Carter administration. The tax went into effect in early 1980, and was phased-out in 1988.
Not exactly a stable revenue source. For that chart and more, be sure to check out our latest “Fiscal Fact” here.
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