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Economy

Signing of the Crude Oil Windfall Profit Tax Act

President Carter signed the Crude Oil Windfall Profit Tax Act into law, imposing a tax on unexpected profits of oil producers tied to the rise in oil prices.

Signing of the Crude Oil Windfall Profit Tax Act

The windfall profits tax aimed to capture excess oil industry profits for federal revenue and finance energy programs, representing a major fiscal and energy-policy response to the 1970s energy crises.

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