A windfall tax would levy a tax on profits made by fossil fuel companies in response to the invasion, and possibly also tax profits made as inflation has risen.
The GOP’s “solution” of more drilling won’t do anything to reduce prices at the pump or the cost of home heating bills.
GOP is pushing an embargo and sanctions but they want to blame President Biden for high gas prices and use them to push for more fossil fuel production here in the US. More money for the wealthy, it's the republican way right?
But there’s a clear way out that would help consumers, a Big Oil windfall profits tax.The idea behind a windfall profits tax is simple. When a corporation makes huge profits because of circumstances outside of their control, the government can claim some percentage of those profits through an additional tax.
The rationale for a windfall profits tax on Big Oil is especially clear. Oil companies are currently earning their highest profits in nearly decade, not because of any innovation of their own, but because of the faster than expected economic recovery from Covid and the war in Ukraine.
We shouldn’t be stuck with the bill while Big Oil runs off with the billions. A windfall profits tax is a good place to start. So yes, to a Russian Oil embargo, and yes to Big Oil paying for it with a Windfall Tax.
Sanders Urges Tax on Windfall Oil Profits as Companies Exploit Ukraine Crisis (truthout.org)
Energy prices: What is a windfall tax and how would it work? (yahoo.com)