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- California Gov. Gavin Newsom (D) changed his plan for a windfall tax on oil company profits to describe the tax as a “penalty” to avoid a requirement that new taxes be passed by a two-thirds vote in the state legislature.
- In September, when Newsom first tried to scapegoat oil companies for high gas prices, claiming that they are engaged in “extortion,” he called explicitly and publicly for a “windfall tax” on the energy companies’ profits.
- Newsom has attempted to claim that the “tax” is really just a “penalty,” because there may not be enough votes in the Democrat-dominated legislature to raise taxes again:
- Why the change from taxes to civil penalties?It has to do with the state constitution, which requires any tax to be passed by two-thirds majorities in both houses of the Legislature. Newsom is betting that the civil penalties that he proposes would be exempt from that requirement and thus need only simple legislative vote majorities to become law.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.
Source: breitbart.com
- Sen. Sherrod Brown, D-Ohio, introduced a bill to close the shadow banking loophole for large companies seeking banking charters from the FDIC.
- Called industrial loan companies, or ILCs, the nonbanking entities operate without the oversight required for traditional banks.
- The Close the Shadow Banking Loophole Act comes about a month after Twitter’s new CEO Elon Musk shared his plan to transform the social media platform into a payment service and reportedly registered with the Treasury Department as a payments processor.
- Allowing tech and commercial companies to act as banks without proper oversight “will only open doors for predatory lending, invasions of consumer privacy, and broader financial instability,” Brown, D-Ohio, said in a press release. “To protect consumers’ pocketbooks and ensure a strong banking system for Main Street, we need to ensure all banking institutions play by the same rules,” he added.
Source: cnbc.com
