From WSJopinion: California Gov. Gavin Newsom is pushing another tax increase, but he’s calling it a “penalty” on oil companies’ “excess profits.” Is he trying to raise the state’s sky-high gas prices even more?
Journal Editorial Report: Who should run our elections--legislatures or state courts? Image: Stephen Shaver/Zuma PressCalifornia Gov. Gavin Newsom is pushing another tax increase, not that he wants to admit it. Last week he asked his Democratic Legislature to pass a “price gouging penalty”—don’t call it a tax—on oil companies’ “excess profits.
“California’s price gouging penalty is simple—either Big Oil reins in the profits and prices, or they’ll pay a penalty,” the Governor said. California’s gasoline prices have fallen since early October when they were averaging about $6.20 a gallon but they are still $1.27 more that the national average. The reason is simple.
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