From an economic perspective, taxing windfall profits during extraordinary circumstances and focussing financial assistance on the most needy both make eminent sense.
The polling data confirm the political threat that rising inflation presents to the White House and, by extension, to Democrats hoping to maintain control of Congress in this year’s midterm elections. In the Associated Press/poll, about seven in ten respondents said that the economy is in bad shape, which simply isn’t true if you go by G.D.P. growth or the unemployment rate .
At the local level, some Democratic governors are already moving to suspend or reduce state gas taxes, which in many cases are higher than the federal levy. Last week, Connecticut’s Ned Lamont signed emergency legislation to suspend the gas tax from April 1st to June 30th. California’s Gavin Newsom has proposed reducing his state’s levy for a year.
A different idea, supported by many progressive Democrats, is to introduce a windfall tax on energy companies, and then use the proceeds to provide financial relief to hard-pressed taxpayers. Under a piece of legislation that Senator Sheldon Whitehouse, of Rhode Island, has put forward, the federal government would impose a tax on each barrel of oil that big energy companies produce or import.
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