Oil Archive

TweetShareSharePin0 Shares As noted in a Tax Foundation blog post last week, the Inflation Reduction Act (IRA) primarily uses carrots, not sticks, to incentivize reductions in carbon emissions. The Inflation Reduction Act creates or expands tax credits for various low- or no-emission technologies, rather than imposing a generalized penalty for emissions, such as a carbon tax.

TweetShareSharePin0 Shares The Inflation Reduction Act created numerous tax subsidy programs intended to accelerate the transition to a greener economy. The justification for climate change action is strong, but there are two possible approaches to take which we might colloquially call carrots and sticks. Carrots are subsidies designed to reduce emissions—think tax credits for green energy

TweetShareSharePin0 Shares In response to high oil prices, Sen. Ron Wyden (D-OR) has proposed raising taxes on oil and gas companies in three ways. His “Taxing Big Oil Profiteers Act” would create an additional 21 percent tax on so-called excess profits earned over 10 percent of revenues of oil companies with annual revenues over $1

TweetShareSharePin0 Shares With the Indiana General Assembly gaveled in this week for a special session called by Gov. Eric Holcomb (R), one of the issues is how to allocate portions of the $6.1 billion budget surplus for the fiscal year that ended June 30. The House, Senate, and governor agree that some of the extra

TweetShareSharePin0 Shares The European Union requires EU countries to levy a minimum excise duty of €0.36 per liter (US $1.55 per gallon) on gasoline (petrol). Today’s map shows that only Bulgaria, Hungary, and Poland stick to the minimum fuel tax rate, while all other EU countries opt to levy higher excise duties on gas. The

TweetShareSharePin0 Shares States are flush with cash, but taxpayers’ purchasing power is being eroded by high inflation. It’s unsurprising that many policymakers have jumped at the chance to apply surpluses to meet the genuine needs of many residents—but good intentions do not always make for good policy.  Tax rebates, gas tax holidays, and other temporary

TweetShareSharePin0 Shares No policy idea is ever truly gone.  As oil prices have skyrocketed, Sen. Sheldon Whitehouse (D-RI) and Rep. Ro Khanna (D-CA) have introduced a bill targeted at oil company profits. While billed as a Windfall Profits Tax, the proposal is really an excise tax. The United States has implemented such a tax before,