http://www.instituteforenergyresearch.org/2009/02/04/new-study-finds-that-a-windfall-profits-tax-would-harm-the-us-economy-cost-jobs-and-increase-our-reliance-on-imported-oil/ for the well-being of mankind Tue, 09 Mar 2010 18:06:29 +0000 http://wordpress.org/?v=2.9.2 hourly 1 http://www.instituteforenergyresearch.org/2009/02/04/new-study-finds-that-a-windfall-profits-tax-would-harm-the-us-economy-cost-jobs-and-increase-our-reliance-on-imported-oil/comment-page-1/#comment-387 Energy and Economic Impacts of a Proposed Windfall Profits Tax on Producers of Oil and Refined Products in the United States « RFF Library Blog Fri, 06 Feb 2009 17:40:51 +0000 http://www.instituteforenergyresearch.org/2009/02/04/new-study-finds-that-a-windfall-profits-tax-would-harm-the-us-economy-cost-jobs-and-increase-our-reliance-on-imported-oil/#comment-387 [...] In 1980, the Congress enacted a crude oil windfall profits tax on domestic oil producers. This tax was an excise tax, not a tax on profits, applied to certain categories of oil and based on the difference between the market price of crude oil and an adjusted base price for that category. A study by the Congressional Research Service concluded that it failed to raise the revenues predicted due to declining oil prices in the 1980s and may have reduced domestic crude oil production by 1.2% to 8.0% while increasing imports by 3% to 13%. The tax was ultimately repealed in 1988. Though the structure of the windfall profits tax in 1980 was different than the windfall profits tax assessed in this report as explained above, this study also finds that the windfall profits tax proposed would reduce domestic production of crude oil and increase crude imports. [H/T: Institute for Energy Research] [...] [...] In 1980, the Congress enacted a crude oil windfall profits tax on domestic oil producers. This tax was an excise tax, not a tax on profits, applied to certain categories of oil and based on the difference between the market price of crude oil and an adjusted base price for that category. A study by the Congressional Research Service concluded that it failed to raise the revenues predicted due to declining oil prices in the 1980s and may have reduced domestic crude oil production by 1.2% to 8.0% while increasing imports by 3% to 13%. The tax was ultimately repealed in 1988. Though the structure of the windfall profits tax in 1980 was different than the windfall profits tax assessed in this report as explained above, this study also finds that the windfall profits tax proposed would reduce domestic production of crude oil and increase crude imports. [H/T: Institute for Energy Research] [...]

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