United States
In 1980, the United States enacted the Crude Oil Windfall Profit Tax Act (P.L. 96-223) as part of a compromise between the Carter Administration and the Congress over the decontrol of crude oil prices. The Act was intended to recoup the revenue earned by oil producers as a result of the sharp increase in oil prices brought about by the OPEC oil embargo. According to the Congressional Research Service, the Act's title was a misnomer. "Despite its name, the crude oil windfall profit tax... was not a tax on profits. It was an excise tax... imposed on the difference between the market price of oil, which was technically referred to as the removal price, and a statutory 1979 base price that was adjusted quarterly for inflation and state severance taxes."
Read more about this topic: Windfall Profits Tax
Famous quotes related to united states:
“... when we shall have our amendment to the Constitution of the United States, everyone will think it was always so, just exactly as many young people believe that all the privileges, all the freedom, all the enjoyments which woman now possesses were always hers. They have no idea of how every single inch of ground that she stands upon to-day has been gained by the hard work of some little handful of women of the past.”
—Susan B. Anthony (1820–1906)
“The United States themselves are essentially the greatest poem.”
—Walt Whitman (1819–1892)
“There is no Soviet domination of Eastern Europe and there never will be under a Ford administration.... The United States does not concede that those countries are under the domination of the Soviet Union.”
—Gerald R. Ford (b. 1913)
“It was evident that, both on account of the feudal system and the aristocratic government, a private man was not worth so much in Canada as in the United States; and, if your wealth in any measure consists in manliness, in originality and independence, you had better stay here. How could a peaceable, freethinking man live neighbor to the Forty-ninth Regiment? A New-Englander would naturally be a bad citizen, probably a rebel, there,—certainly if he were already a rebel at home.”
—Henry David Thoreau (1817–1862)
“I am a freeman, an American, a United States Senator, and a Democrat, in that order.”
—Lyndon Baines Johnson (1908–1973)