Should there be a “windfall profit” tax?


Would it really help? Not if the past implementation of it (under Carter) is any indication. My brother has posted on this and it is worth a read. Gird you loins ladies and gentlemen, the presidential election cycle is about to begin in earnest and we are left without our guide Mr. Russert. It will be a long half-year.

By now everyone has heard Obama’s plan

“I’ll make oil companies like Exxon pay a tax on their windfall profits, and we’ll use the money to help families pay for their skyrocketing energy costs and other bills,” the Illinois senator said.

He of course hasn’t stated at what point profits become “windfall profits.” So off to the definer place I went (you know, a dictionary!) According to The Free Dictionary, windfall profits is: “profit that occurs unexpectedly as a consequence of some event not controlled by those who profit from it”

This has me wondering what (or who else) has profited unexpectedly and therefore should be taxed on th eir “windfall.”

 

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