Tax,
Government
Dec. 2, 2022
Windfall profits tax? Penalty? Fee? Courts might decide.
Would an oil windfall profits tax go to consumers?
An ongoing war of words between oil companies and California Democrats could soon end up in court if lawmakers impose a windfall profits tax on the industry. A challenge to such a tax could ultimately hinge on whether the court considers the policy a tax, a fee or a penalty — and whether the proceeds go back to consumers.
If the Legislature is successful in imposing such a tax — or fee — the oil companies might eventually end up operating m...
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