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Thursday, May 7, 2020 | History

2 edition of Readings in the crude oil windfall profit tax found in the catalog.

Readings in the crude oil windfall profit tax

Readings in the crude oil windfall profit tax

  • 133 Want to read
  • 5 Currently reading

Published by PennWell Books in Tulsa, Okla .
Written in English

    Places:
  • United States.
    • Subjects:
    • Excess profits tax -- Law and legislation -- United States.,
    • Petroleum -- Taxation -- United States.

    • Edition Notes

      Includes bibliographical references.

      Statement[compiled by] D. Larry Crumbley, Craig E. Reese.
      ContributionsCrumbley, D. Larry., Reese, Craig E.
      Classifications
      LC ClassificationsKF6475.A2 R4 1982
      The Physical Object
      Paginationix, 375 p. :
      Number of Pages375
      ID Numbers
      Open LibraryOL4273672M
      ISBN 100878141855
      LC Control Number81019968

        Windfall tax, they said, is levied in some of the developed countries globally. The UK in raised the tax rate to be applied to North Sea oil and gas profits when the price is above $75 per.   At , it will take twice as much oil, at far greater costs, to obtain the oil we use to accomplish the economic work that is required to sustain the current economy. The price of gasoline from such sources may far exceed $5 a gallon. Windfall Profit Tax on Oil Companies Life requires energy. Less affordable energy, less life.

        Obama details plan to tax excess oil company profits Democrat Barack Obama on Sunday detailed plans for a new tax on oil companies, a so-called windfall penalty on sales of crude at or above $80 a barrel. In response to a congressional request, GAO reviewed the Internal Revenue Service's (IRS) administration of the Crude Oil Windfall Profit Tax Act of GAO noted that the crude oil tax was designed to tax the difference between the free market price of a barrel of oil and its controlled price under Department of Energy regulations.

        The rate of the tax varies between 30 percent and 70 percent of the ''windfall profit.'' That term applies to the difference between the current free market price of crude oil at the wellhead . Phillips paid $ billion in windfall propfits tax before the price of crude oil sank below the tax's threshold level; and $1 million annually to file reports required by the tax. Oklahoma City-based Kerr-McGee paid $ million in windfall profits tax and $, .


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Readings in the crude oil windfall profit tax Download PDF EPUB FB2

Get this from a library. Readings in the crude oil windfall profit tax. [D Larry Crumbley; Craig E Reese;] -- When Congress enacted the Crude Oil Windfall Profit Tax Act ofonly a few sophisticated tax professionals were cognizant of the technical problems that would ensue in implementing the windfall.

Let's get one thing straight: The oil levy imposed in was called the "crude oil windfall profit tax" (WPT). Note the singular "profit," a useful reminder that this tax should never be confused with the "excess profits tax" imposed during World War I, World War II, and the Korean War.

"The windfall profits tax has nothing to do, in fact, with profits," observed The Washington Post in The Crude Oil Windfall Profit Tax of the s: Implications for Current Energy Policy Summary In Aprilthe federal government en acted the crude oil windfall profit Readings in the crude oil windfall profit tax book on the U.S.

oil industry. The main purpose of the tax was to recoup for the federal government much of the revenue that woul d have otherwise gone to the oil industry.

Open Library is an open, editable library catalog, building towards a web page for every book ever published. General explanation of the Crude Oil Windfall Profit Tax Act of (H.R.96th Congress, Public Law ) by,U.S.

G.P.O.,Pages: THE TAX The Crude Oil Windfall Profit Tax Act of imposed a Federal excise tax on domestic crude oil extracted on or after March 1, The windfall profit per barrel is the removal price of a barrel of oil less the sum of the adjusted base price and the.

Crude Oil Windfall Profit Tax, Third Quarter, By Michael Alexander* The windfall profit tax liability for the third quarter of$ billion after adjustments, was the lowest amount since the first full quarter (June ) for whi ch liability was reported and was $ million lower than the total for the previous quarter.

CRUDE OIL "WINDFALL PROFI'r" TAX ACT OF john S. Logan* I. INTRODUCTION This article provides an overview of the so-called "windfall profit" tax on crude oil and focuses primarily on the administrative problems and com- pliance planning opportunities which have come to light in the few months that the tax has been in effect.

Download The Windfall Profit Tax on Crude Oil: Overview of the Issues With gas prices on the rise, members of Congress have renewed calls for a “windfall profit” tax on U.S.

oil companies. However, previous Tax Foundation research cautions against these taxes, illustrating that they are both economically harmful and a poor revenue source. “America’s. oil,certainheavyoil,andincrementaltertiaryoil. For each tier, thetaxablewindfall profit is the difference between the sellingprice ofthe oil and the sum of the adjustedbase price and.

Back inthen-President Carter signed into law the Crude Oil Windfall Profits Tax Act, which imposed a 70% excise tax on the amount of an oil sale price Author: Josh Barro. For example, expensing of intangible drilling costs and dry hole costs and a 22% depletion rate resulted in an effective tax rate of % without the minimum tax and % with the minimum tax.

18 One CRS report, which included the effects of the crude oil windfall profits tax, again showed generally low effective tax rates for oil and gas extraction.

REVENUE EFFECTS OF THE CRUDE OIL WINDFALL PROFIT TAX ACT (P.L. ) One of the provisions of the Crude Oil Windfall Profit Tax Act imposed a windfall profit tax on domestically produced crude oil. The tax is actually an excise or severance tax on crude oil produced after Febru The act defined three categories of oil to be taxed.

] WINDFALL PROFIT TAX II. IMPOSITION OF THE TAX Section of the Act imposes an excise tax on the taxable crude oil that is removed from a producer's premises9 after Febru­ ary '29, ° A producer is "the holder of the economic interest. Controversy over the windfall profit tax has persisted after its passage as part of the Crude Oil Windfall Profit Tax Act ofand subsequent mod- ifications.

There is still some strong objection, especially within the oil industry, to the tax as a whole and to many of its details. - 1/ Debate overCited by: 1. Apr 2, H.R. (96th). A bill to impose a windfall profit tax on domestic crude oil, and for other purposes.

Ina database of bills in the U.S. Congress. Inthe UK government imposed a ‘fair fuel stabiliser’ which actually was windfall profit tax on oil industry when oil prices were above $/b. As in India, it was to reduce petrol and. The governments and firms that control the supply of petroleum—the world’s most valuable commodity—have enjoyed 20 years of windfall profits.

In this gripping, deeply-informed, book, Alex Gillies reveals the intricate deceptions, unwitting enablers, and extravagant fraud that has turned this oil into staggering wealth, power, and : Alexandra Gillies.

The windfall profit tax was imposed on oil producers when taxable crude oil was removed from the oil-producing property. Any individual or business with an economic interest in an oil-producing property was considered as a producer and subject to the tax.

Issue and Debate article on Pres Carter's proposed tax on windfall profits that US oil companies stand to make as oil prices are decontrolled; consensus in Washington is that tax. Oil Industry Financial Performance and the Windfall Profits Tax Introduction Over the past 10 years, the price of crude oil has been increasing, volatile, and has recently attained record high levels.

The results of those price increases, which led to high gasoline prices, Cited by: 2. Only in the severe case do global oil inventories increase by more than 1 billion barrels before beginning to decline; the base case sees a peak in August, only four months away.II.

th CONGRESS. 1st Session. S. IN THE SENATE OF THE UNITED STATES. November 9, Mr. Durbin introduced the following bill; which was read twice and referred to the Committee on Finance. A BILL. To amend the Internal Revenue Code of to impose a temporary windfall profit tax on crude oil, to rebate a portion of the tax collected back to American consumers, to fund .Shown Here: Conference report filed in House (03/07/) (Conference report filed in House, H.

Rept. ) Crude Oil Windfall Profit Tax Act of - =Title I: Windfall Profit Tax on Domestic Crude Oil= - Amends the Internal Revenue Code to impose upon domestic oil producers an excise tax on the windfall profit from taxable crude oil produced during each taxable period (March and each.