Nothing really new
Reader comment on: 'Reasonable Profits Board'
in response to reader comment: Reasonable Profits Bill
Submitted by Lyle (United States), Feb 6, 2012 23:22
It is the windfall profits tax of the 1970s in new clothing. Recall that during WWII we had a windfall profits tax to prevent what happened in the civil war where a lot of business types made a lot of money. During the first 2 oil shocks the windfall profits tax was discussed, in fact the tax was passed in 1980. The tax was a smash flop not raising anywhere near what was expected. (Of course the oil price collapse in the mid 1980s did not help), and it was repealed in 1988.
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