Clarification on the Misunderstood 'Windfall Profits Tax' and Proposed Alternative, 1979-07-19

Item

Identifier: CAC_CC_109_4_22_23_0019

Staff Only

Clarification on the Misunderstood 'Windfall Profits Tax' and Proposed Alternative, 1979-07-19

The text discusses a proposed tax on oil called the windfall profits tax, which is actually an excise tax on the difference between controlled and decontrolled oil prices. The author explains their efforts to create a substitute proposal that would make the tax less punitive and provide incentives for domestic oil production. The substitute proposal passed the House of Representatives and is now in the Senate for further improvements.

Dates

1979-07-19

Language of Materials

English

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