At least nine bills that purported to tax windfall profits of crude oil producers were introduced in the 110th United States Congress during 2007-08 (HR 1500, HR 2372, HR 5800, HR 6000, S.1238, S.2761, S.2782, S.2991, S.3044) .
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In a February 12, 2008 editorial titled "Record Profits Mean Record Taxes," Investor's Business Daily said that regular income taxes already take into account the high profits, and that there's no need to do anything extra to tax or punish the oil companies.
A Windfall tax or Windfall profits tax is a taxation of profits by a company.
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