Tax Plaza
The Tax system explained!
Windfall profits tax
A windfall profits tax is a tax on profits that ensue from a
sudden windfall to a particular company or industry.
United States
In 1980, United States federal legislation was passed that
levied such a tax on oil companies because of the profits they
earned as a result of the sharp increase in oil prices brought
about by the Arab oil embargo. Since then, the tax has not been
reenacted, however with gas prices once again reaching record
levels there is renewed pressure on the U.S. government to bring
back the tax. Amid low oil prices, the tax was ended in 1988 by
President Ronald Reagan.
The Congressional Research Service has analysed that the
windfall profit tax brought in $80 billion in extra revenues for
the United States government, which was far less than the
projected $393 billion. Also, domestic oil production by oil
producers was said to be lowered.
These are not to be confused with the excess profit taxes of
WWI, WWII, and the Korean War eras. Windfall Profit Taxes are
more of an excise-type of tax.
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