War Profiteering

Senator Bernie Sanders: “21 oil and gas companies made over $41 billion in profits, more than double their profits from last year.”

There should be a windfall profits tax on companies making excess profits because of Russia’s war on Ukraine.There are much better ways to spend that extra money than to line the pockets of top executives and shareholders of such companies. Excess profits taxes, price controls, and rationing prevented runaway inflation during World War II. Much less stringent measures are needed in the present circumstances, but some are and excess profits taxes on war profiteers is one of them.

Alas, Congress is under assault from within its own ranks, and much that should be done doesn’t even come up for debate.