Clinton Treasury Secretary Rips Biden’s Windfall Oil Tax Plan

President Joe Biden speaks outside Independence Hall, Thursday, Sept. 1, 2022, in Philadelphia. (AP Photo/Matt Slocum)

At a glance

  • 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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