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 (Of course the oil price collapse in the mid 1980s did not help), and it was repealed in 1988.

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Other reader comments on this item

Title By Date
Why Not a Mandatory Five-Year Plan? Why Not Adopt Every Element of Soviet Economic Planning While They're At It?
[w/response] [86 words]		Belladonna RogersFeb 6, 2012 18:30
Directive 10-289 [89 words]Ed ThompsonFeb 6, 2012 17:22
Reasonable Profits Bill [12 words]Frederick FordFeb 6, 2012 17:10
↔ ⇒ Nothing really new [93 words]LyleFeb 6, 2012 23:22

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