An excess profits tax is not in keeping with our competitive enterprise system. It suggests that government can decide how much profits should be, which profits are excessive, and which are not excessive. If this is possible with the energy producing segment of the economy, then is it not possible with other segments of the economy? Where do we stop? What will be the shortages next year and the next, and which businesses will be subjected to government regulation and control of their profits?
Walker Winter, of the U.S. Chamber of Commerce, issues their “Statement on Pending Proposals on Windfall Profits” before the House Committee on Ways and Means. This quote refers to the “windfall profits tax” suggested as a way to address the OPEC energy c