What is a windfall profit tax

what is a windfall profit tax

Windfall Tax

A windfall tax is a charge levied by federal governing bodies on business entities when they make abnormal gains from financial windfalls. The idea behind such taxes is to reallocate favorably abnormal profits in one sector for social causes. The "windfall profits" tax is back, with Barack Obama stumping again to apply it to a handful of big oil companies. Which raises a few questions: What is a "windfall" profit anyway?

A: No. A widely circulated e-mail quoting her is a fraud. Alas, it is true — all to help the 12 Million Illegal Immigrants and other unemployed minorities! Boy, are we in trouble! This woman is frightening.

Take special note of the last paragraph. Is she really this whacked out? First Bush cut taxes for the rich and the economy has rebounded with new record low unemployment rates, which only means wealthy employers are getting even wealthier dindfall the expense of the underpaid profiit class.

Ix this really means is that business is exploiting the war effort and working Americans, just to put money in their own pockets. Working Americans, welfare recipients, the unemployed and minorities are not sharing in these obscene record highs.

Profits from the stock market do not reward the hard work of our working class who, by their hard work, are responsible for generating these corporate profits that create stock market profits for the rich.

We in congress will need to address this issue to either tax these profits or to control winsfall stock market to prevent this unearned income to flow to the rich. We need to work toward the goal of equalizing income in our country and at the same time limiting the amount the rich can invest. How to complain about a business in ontario example, we have an estimated 12 million illegal immigrants in our country who need our help along windfqll millions qhat unemployed minorities.

The urban legend site Snopes. We find ourselves in total agreement. For starters, the e-mail has been in circulation since late — that is, right around the mid-term elections that resulted in control of Congress windafll to the Democrats. The earliest version of the e-mail attributed the claims to a what does vtec stand for honda article by Walt Bogdanich and Gretchen Morgenson dated Oct.

Bogdanich gax Morgenson are in fact real reporters with the New York Times. And they did in fact publish a piece together on October 22, Further proof that the e-mail is made up: None of the supposed Pelosi quotes appears in any news source we were able to find in an extensive search of news databases, nor do they show up in archives of mainstream conservative commentators.

What Pelosi did advocate at around the same time was cutting tax breaks for oil and other energy companies. As CNNMoney. Nancy Pelosi. Raising taxes on oil companies is quite different from a percent tax on all stock gains.

Bogdanich, Walt and Gretchen Morgenson. Inquiry on Hedge Fund Draws Scrutiny. Hargreaves, Steve. Previous Story Radio Daze.

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Jun 11,  · En espanol | The Windfall Elimination Provision (WEP) is a formula that can reduce the size of your Social Security retirement benefit if you receive a pension from a job in which you did not pay Social Security freedatingloves.com a “non-covered” pension might have been earned, for instance, by work for a state or local government agency that does not participate in FICA payroll-tax withholding. Nov 14,  · A windfall can mean that the person’s gross estate will be larger than the federal exemption amount ($ million in ) and thus subject to taxation, which can be minimized or avoided with estate tax planning. State estate tax exemptions must also be factored into estate planning. Nov 20,  · If you have obtained your cash windfall through gambling or form of contest, you will have to pay tax on the funds corresponding to the standard income rates. However, if you received the money as part of a gift from a family member or close friend, there is a good chance that you will not have to pay tax on these funds at all.

As the November elections gave Democrats control of the U. House of Representatives and at least equal standing in the Senate , members of that party began discussing potential means of raising revenue from the recent record profits of oil companies, including the possibility of enacting a windfall profits tax on the oil industry.

The oil and gas industry is preparing to tighten the belt for the next couple of years with Democrats threatening to take control of the U. House of Representatives next week.

However, the first example reproduced below, quoting Rep. The following year, someone reworked the piece shown in the second example below to insert the equally false claim that Rep. We need to work toward the goal of equalizing income in our country and at the same time limiting the amount the rich can invest.

For example, we have an estimated 12 million illegal immigrants in our country who need our help along with millions of unemployed minorities. Anyone who understands a fiat monetary system, our system, knows that most retirement funds lose real value and are not exactly what a person hopes for at the end of their work life. Some are, and those typically go to people in the public sector. We contribute greatly to those through a myriad of taxes.

Read below……………. This woman is a nut case! Alas, it is true — all to help the 12 Million Illegal Immigrants and other unemployed Minorities! Boy, are we in trouble… This woman is frightening. Buffett has even gone so far as to propose a major change in the tax laws that would diminish profits in the short-run for Salomon Brothers and every other major firm on Wall Street.

To eliminate short-term speculation in the financial markets, Buffett has proposed a percent tax on profits made on stock held for less than one year, a move predicted to diminish trading volume and brokerage fees.

Buffett said he stands behind all of the statements he has made about Wall Street and the tax, but also suggested that while he is still holding his nose when he looks at some of the other Wall Street firms, he likes what he sees at Salomon. Fact Checks. False About this rating. Editors' Picks. A plan by congressional Democrats to expand the Supreme Court from nine to 13 seats Does US Rank No. In a minute video, the musician amplified several bogus claims and conspiracy theories about COVID View all.

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