For claiming he’s “not a crazy tax guy”, Gov. Rendell sure does propose a lot of new taxes. His latest plan regurgitates his 2007 idea to tax Big Oil to fund transportation (and would impose a few other taxes and fees on Pennsylvania drivers).
Let’s review some facts about a “windfall profits tax” on Big Oil:
- Tax Foundation: Oil Companies pay plenty in federal, state, and local taxes
- Cato: Windfall taxes on oil have been tried, and failed
- US News: Oil profits are tomorrow’s investments
- Post-Gazette: Will Oil tax be passed on at the pump?
- PolicyBlog: Taxing Oil – Windfall profits taxes increase prices
- Tax Foundation: Real people are harmed by windfall profits on oil – including state pension funds