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On This Day: April 2 1980 President Jimmy Carter Signed the Crude Oil Windfall Profits Tax Act

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Pete

Pete

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Pete has published a news story:

On This Day: April 2 1980 President Jimmy Carter Signed the Crude Oil Windfall Profits Tax Act.

On this day April 2 1980 United States President Jimmy Carter signed the Crude Oil Windfall Profits Tax Act into law. This legislation imposed a higher tax rate on oil companies to address the sharp rise in oil prices and capture some of the profits generated during the energy crisis.

The tax was not actually on profits but on the difference between the market price and a government-set base price. It was designed to prevent oil companies from benefiting too much from deregulation and to...
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