03 August 2022

Windfall oil profits tax... obvious move

Why do we have to hear a call for a windfall profits tax on oil companies from UN Sec. Gen. António Guterres instead of from Democratic politicians in our own country? (He didn't use the term, but it's what he described in a recent speech). This seems to me an obvious response to the gross profit taking the oil companies have engaged in as a result of the tight oil markets worldwide. I remember when we had oil shocks in the past the idea was floated, and even enacted in a weak form in 1980. But nary a peep about it, even from the likes of Elizabeth Warren... at least not that I've heard of.  

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