Clinton Treasury Secretary Rips Biden’s Windfall Oil Tax Plan
View Source | November 1, 2022 6:50 pm
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- President Biden already has one vocal critic of his windfall profits tax plan on oil companies: Larry Summers, who was President Bill Clinton’s Treasury Secretary.
- Biden threatened to tax the “outrageous” profits reported by energy producers in a speech this week.
- That prompted Summers to respond on Twitter: “If you reduce profitability, you will discourage investment which is the opposite of our objective. If it is a fairness argument, I don’t quite follow the logic since even with the windfalls Exxon has underperformed the overall market over the last 5 years.”
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