Democrats and President Biden are still considering a “windfall profit tax on Big Oil.” However, one economist says the tax could do much more harm than good. Chief economist at Moody’s Analytics, Mark Zandi, stated the tax would create a disincentive for oil companies to continue exploration and produce more oil.
Tag: incentives
Do You Work Remotely? This Program Could Pay You $10,000 To Do So from Oklahoma (Macro News for November 21, 2020 – November 27, 2020)
A program funded by the George Kaiser Family Foundation called Tulsa Remote will pay eligible workers $10,000 to move to Oklahoma. Applicants must be employed and able to move to Tulsa and keep working for their respective employers. The goal is to "introduce Tulsa to the nation and create a vibrant and diverse talent ecosystem."
Its Super Hot Economy Slowing, India Will Cut Taxes and Red Tape to Lure the Likes of Apple (Macro News for July 6, 2019 – July 12, 2019)
India’s new finance minister, Nirmala Sitharaman, unveiled her first annual budget and announced a series of fiscal changes designed to spur economic growth. The country’s recent economic slowdown from 6.6% to 5.8% annual growth rate cost it the “title of the world’s fastest-growing major economy.” (Click the headline to read the full article.)
Sugary Drink Sales Plummeted in Philadelphia After Soda Tax (Micro News for May 11, 2019 – May 17, 2019)
The imposition of a focused sales tax can change consumer behavior. A recent study shows that the sales of sugary drinks and sodas fell by 51% in Philadelphia after the imposition of a 2017 sales tax of 1.5 cents per ounce on these drinks. A much lower sales tax increase on sugary drinks in Baltimore, a city demographically similar to Philadelphia, resulted in almost no change in consumption. (Click the headline to read the full article.)
Pearson Economic News 