Taxation.
History.

After the devastation of World War One, between 1917-1926 the UK government introduced the "excess profits duty" (tax) of 80% of profits above "pre-war standard profits".

Today, when grotesque profits are being made by big business out of the (so-called) "cost of living crisis", surely it's time for a similar period of excess profit tax?

Surely, it's big businesses "duty" to help us all out in this time of crisis?

Or is this only a "crisis" for the poor?

I won't hold my breath.

#WindfallTax #profiteering #capitalism #BigBusiness #tax #ExcessProfitsTax #profiteering #CostOfLivingCrisis #uk #ukPolitics

A windfall tax on banks could raise £20bn this year - Positive Money. It would not exactly be out of step.
https://positivemoney.org/2023/08/windfall-tax-on-banks-could-raise-20bn-this-year/
#tax #windfalltax #banks #ukpolitics

#Economy #Wirtschaft #Italien #Italia #Italy #Briefing 272 #WindfallTax #RoadandBelt #NeueSeidenstraße #China #USA #Geopolitik #Geopolitics #Geostrategie #EU #Autarkie #globalerEinfluss #EZB #Bankensektor #Rechtsregierung #Meloni #Systemkonkurrenz

Die Rechtsregierung in Italien setzt Zeichen: Übergewinnsteuer, Seidenstraße | Briefing 272 | Wirtschaft, Geopolitik

https://derwahlberliner.com/2023/08/11/die-rechtsregierung-in-italien-setzt-zeichen-ubergewinnsteuer-seidenstrase-briefing-272-wirtschaft-geopolitik/

So, perhaps surprisingly, the proportion of the #interestrates rise passed onto savers in the UK (which stands at 43%) is more than double the average rise across all EU-based banks (20%) - its also six time the amount passed through by #Irish banks (7%) & just under four time that passed on in Italy (11%).

No doubt the #Tories will claim this is all their doing but perhaps more importantly the comparison will undoubtedly be used to resist call for a #windfalltax on bank profits.

Italy shocks banks with 40% windfall tax for 2023

https://www.reuters.com/world/europe/italy-approves-40-windfall-tax-on-banks-be-limited-2023-2023-08-07/?utm_source=reddit.com

Italy dealt a surprise blow to its banks and sent shockwaves across the sector in Europe by setting a one-off 40% tax on profits reaped from higher interest rates, after reprimanding lenders for failing to reward deposits.

#usery #banks #italy #windfalltax #depositors #stiffed

Ed Miliband urges PM to close ‘Swiss cheese’ holes in windfall tax on energy firms | Tax and spending | The Guardian
https://www.theguardian.com/politics/2023/jul/27/ed-miliband-pm-sunak-holes-windfall-tax-energy-firms-shell-british-gas-profits

#Miliband
#EdMiliband
#WindfallTax
#Sunak

In Nov, when chancellor Jeremy Hunt increased an existing #windfalltax on profits of #oil & #gas co's until 2028, govt predicted the energy profits levy would raise ~£41.6bn with a headline tax rate on the sector of 75%. But that's dropped ~40% to £26bn https://www.ft.com/content/8dfb1b63-5686-41db-899d-7965b6ec34f4

Increased #corporate #profits were the cause of nearly half of the #eurozone #inflation in the last two years (IMF data).

So we need, in order of effectiveness a combination of #publicownership , #pricecontrols or at least #windfalltax . Not doctrinaire #Interestrate rises that may well drive the zone into #recession. Again.

Fossil fuel companies should not be profiteering off a global crisis – but they are: in the second quarter of 2022 alone, Canada’s top fossil fuel companies made $12 billion in excess profits, a three-fold increase compared to the same period last year. While ordinary Canadians struggle to put food on the table, cover rent and pay for basic necessities, Big Oil is raking it in, taking from your wallet and dumping it into rich shareholder pockets. This is #Fossilflation – and it’s a key driver of the cost-of-living crisis. Supporting Canadians with the soaring costs of living means a #WindfallTax on Big Oil's excessive profits. Join me in demanding the government immediately implement a Windfall Tax on greedy oil and gas companies to give back to Canadians and accelerate the shift away from fossil fuels >> https://act.gp/3RDDpXO

RT from Telegraph Business (@telebusiness)

"The introduction of a #windfalltax may have scored some quick political points for a Tory government short of ideas on how to tackle soaring gas prices...but it has become increasingly evident that it was a short-sighted move."

📝@benjaminmarlow
https://www.telegraph.co.uk/business/2023/06/15/britain-green-energy-push-failure/?utm_content=business&utm_medium=Social&utm_campaign=Echobox&utm_source=Twitter#Echobox=1686824816

Original tweet : https://twitter.com/telebusiness/status/1669313314004819969

BP just announced $5bn profit for the first three months of the year. If you think there should be a stronger windfall tax, add your name: https://the.organise.network/campaigns/network-petition-to-impose-a-stronger-windfall-tax-on-oil-and-gas-companies-3304660d0dce6b5e?utm_campaign=1hWUqzJN6o&utm_medium=twitter&utm_source=share
#petition #bp #oilcompany #windfalltax

The scare stories from industry about the impact of the #windfalltax have not materialised, with more massive profits posted.

Closing the #energy firms' windfall tax loophole could have almost eradicated #fuelpoverty last winter, but instead people suffered in cold damp homes.
---
RT @SkyNews
BREAKING: Shell records $9.6bn profit in first quarter of 2023

https://trib.al/Rx0iR33

📺 Sky 501, Virgin 602, Freeview 233 and YouTube
https://twitter.com/SkyNews/status/1654007125717164033

RT @OxfamEU: Next w/k, @EP_Budgets can propose new #ownresources to tackle inequality & climate crisis 🌍

MEPs must vote for ⤵️

1⃣ #WindfallTax
2⃣ Wealth & capital gains taxes
3⃣ Financial Transaction tax
4⃣ Share buyback tax & EU minimum tax on dividends & interests
https://www.europarl.europa.eu/committees/en/vote-own-resources-a-new-start-for-eu-fi/product-details/20230403CAN69388

🐦🔗: https://n.respublicae.eu/papadimoulis/status/1646845053908729856

@TCatInReality @Benevans @ChrisMayLA6

#WindfallTax: Agree completely. Its a nice problem to allocate the windfall profits by country when the target is a multinational oil giant, but the UK government should have made more of an effort.

RT @tom_burke_47: New estimates show that Rosebank, expected to cost £4.1bn to develop, could receive an effective taxpayer #subsidy worth £3.75bn through #tax breaks & the loophole in the government's #windfalltax that spares #oil & #gas investment https://www.theguardian.com/environment/2023/mar/24/uk-government-launch-revamped-net-zero-strategy-oil-gas-capital-aberdeen @e3g @guardian #NetZero

🐦🔗: https://n.respublicae.eu/JeanLambertLDN/status/1640749975469543424

Britain’s #oil & #gas companies are next week expected to be offered #WindfallTax relief, as prime minister Rishi Sunak looks to boost investment & improve the country’s #EnergySecurity. Presumably clean energy suppliers will also benefit from tax relief? https://www.ft.com/content/913db0ed-ccb6-4cde-8d39-f1f78b1240f5

As I expected and said many times before!
Industrial giants such as #Shell, #BP and chemical company #Dow have a much greater #climate impact than their competitors. The companies produce less efficiently, as a result of which they emit many hundreds of thousands of extra tons of #CO2 every year.
#IMHO they should pay for all damage done by their #greed #windfalltax

https://www.nu.nl/klimaat/6256552/shell-bp-en-dow-hebben-een-veel-grotere-impact-op-het-klimaat-dan-concurrenten.html

#Klimakrise #Climatechange #Climatechaos #NYT #BBC #Guardian #DW #Climatecrisis #COP15 #Letztegeneration #COP28 #greenpeace #fossilfuels #Klimakrise

Zatímco v ČR je přes 900 tisíc lidí v energetické chudobě a má problém splácet vysoké účty či zálohy za energie, velké energetické firmy sčítají enormíní zisky. Nezdanit je za rok 2022 byla obrovská chyba, @Zbynek_Stanjura.
#WindfallTax
#EnergieLidem
https://byznys.hn.cz/c1-67185460-cez-ohlasil-rekordni-vysledky-cisty-zisk-skupiny-stoupl-na-80-7-miliardy-korun

One simple change to the #WindfallTax on #energy firms could cut #energybills by £336 per year per household in 2023.
https://bit.ly/3P0nXFp

If you thought a #windfalltax on the #energy firms (whose profits were increased by the the effects of the #UkraineWar) was a fair response to their (essentially unearned) bonanza, then you will be wanting to cast your eyes over the profits made from #commodities trading, where similarly raised profits are the result of similar factors related to volatility & risk-responses in the market for commodities across the world.

Where there's a war there's opportunistic profits to be found