, Columnist
Windfall Profit Taxes Are Pure Economic Populism
By all means, tax profits. But set the rules in advance, not in retrospect, if you want anybody to invest ever again.
Vox populi.
Photographer: Rob Pinney/Getty Images
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Germany’s government just became the latest to ingratiate itself with angry voters by promising a windfall tax on energy companies. One way or another, these levies aim to seize “excess” profits and redistribute them to needy consumers aching from the soaring costs of electricity and heating.
Several countries, from the UK to Italy and Greece, have already done something similar. Others — including the European Union — are lining up their own proposals.