Opinion: Is Newsom’s gas profits penalty really a tax?
At the time, gas prices had soared to more than $6 a gallon in some locales, a couple of dollars higher than those in other states, and Californians’ pain at the pump symbolized the soaring inflation that was ravaging household budgets.
“California’s price gouging penalty is simple — either Big Oil reins in the profits and prices, or they’ll pay a penalty,” Newsom said in a statement. “Big Oil has been lying and gouging Californians to line their own pockets long enough. I look forward to the work ahead with our partners in the Legislature to get this done.”
In other words, he’s not certain that despite overwhelming Democratic legislative majorities he could muster a two-thirds vote for a profits tax, due to a general reluctance among politicians to impose new taxes and the oil industry’s vigorous courting of support, aided by its influential unions.
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