Mr. H.
Diamond Member
During the Carter years, these industries had to endure his "Windfall Profits Tax", which was neither a tax nor was it calculated on profits. It was a confiscation of personal property.
On top of that, the Depletion Allowance was considered a "Tax Preference Item" subject to the Alternative Minimum Tax.
The consequence... reduced drilling and production, failed businesses, and layoffs. Imports of crude rose and it took industry many years to recuperate.
So, you think you're "right" about anything yourself TM?
On top of that, the Depletion Allowance was considered a "Tax Preference Item" subject to the Alternative Minimum Tax.
The consequence... reduced drilling and production, failed businesses, and layoffs. Imports of crude rose and it took industry many years to recuperate.
So, you think you're "right" about anything yourself TM?