Word: taxingly
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Dates: during 1970-1979
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Since decontrol appears inevitable, the real scrap will be over Carter's tax proposal. Not only must both the House Ways and Means Committee and the generally pro-industry Senate Finance Committee agree on its details, but after that, the full House and Senate must also vote on the tax. Says a key member of the Senate Energy Committee, Louisiana Democrat J. Bennett Johnston: "There are almost as many views of what is a fair tax and what its proper uses would be as there are members of Congress...
Oilmen insist that all the profits of decontrol, not just some of them, are urgently needed to finance the search for crude. Asks Hugh Liedtke, chairman of Pennzoil Co.: "Are we to raise more tax money or raise more oil?" But some of the biggest firms are swinging around to an emotional accommodation with the idea of a tax, so long as it is phased out in a couple of years. What they want is a temporary levy with a so-called plow-back provision. Under it, companies would be able to reduce their windfall profits taxes each year...
Congress will find it difficult to avoid the passage of some sort of tax. Oil industry profits for the first three months of 1979 will soon be released, and they will show a surge of perhaps as much as 40%, largely because the OPEC cartel's price rises have caused higher prices in the U.S. too. In addition, companies benefit because their stockpiled inventories of crude, bought at lower prices, also rise in value. That alone will be enough to anger a public already critical of the oil industry, and the continuing rise in gasoline and other fuel costs...
...companies. They are going to be all over Capitol Hill like a chicken on a June bug. They say they have more influence on Congress than the American people have. I say, let's prove them wrong." Ultimately, oilmen may find it easier to live with a tax that they do not want than a fire-breathing President and a furious public...
ADELMAN: If the Administration wants to be taken seriously, it must tax the energy that it wants saved. It is a disservice to control prices because you feed bum dope to consumers. When prices go up, people will use less. Seven cents more for gasoline will not make much difference, but the knowledge that prices are going to keep rising will change habits...