Such a tax inevitably discourages capital investment that is so important for the development of new energy resources. There is a definite psychological effect on investors who know that any success will be subject to a tax that could consume almost the entire profit.
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 crisis, specifically to prevent petroleum companies from charging excessive prices for energy.
Tuesday, February 5, 1974
Culprits:
Issues:
Laws:
