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Thank You, Biden!
Recently, president Joe Biden has proposed imposing a windfall tax on oil company profits due to surging oil prices and corporate profits.
I find this especially interesting because in a very large way his proposal duplicates my own tax reform plan. However, with major differences which make his proposal far weaker than my own.
His proposal targets only one industry, while my own plan is universal for all corporations above a certain revenue level.
His proposal is temporary, where mine is permanent.
His proposal is even more interesting when one considers the fact that he created his proposal in consultation with presidential economic advisers. I created my plan on my own. In essence, he has just vindicated my own plan. Thank you, Mr Biden.
He does state one purpose for the tax revenue generated by his proposal. To expand the utilization of renewable energy. Good idea in the long term but what about right now? How is this going to help Americans paying the highest fuel prices in US history? His idea will take years to see any benefit. How many people will suffer to an extreme during that time? During the years for his plan to be implemented, millions of workers will be laid off because the increased expense of fuel…
