David Harsanyi (yes, again, he's on a roll) is not mincing words: Biden's Energy 'Windfall' Tax Is Election Theater For Economic Illiterates.
President Joe Biden has accused oil companies of “war profiteering” and is threatening to impose a windfall tax if they fail to boost domestic production — and improve the Democrats’ fortunes in the 2022 midterms. It is ugly political theater. Demanding private entities act on behalf of the party or face punishment from the state, as the president might say, is semi-fascisty behavior.
Other than appealing to the anger and frustrations of economic illiterates, windfall taxes (a tax on allegedly excessive, or unfairly obtained, profits) make zero sense. They neither bring down the price of energy nor increase supply. All windfall taxes do is disincentivize oil producers — their business already facing an existential threat from Democrats — from investing in long-term production. And, as with all corporate taxes and regulations, the cost will be passed to the consumer.
Or (sigh) stockholders. I happen to be both a consumer and a stockholder, so it's a double whammy.
The article's accompanying picture has Wheezy Joe talking to the microphones, flanked by Janet Yellen and (I think) Jennifer Granholm:
I believe Janet could be pictured with a thought balloon: "Somebody should buy Joe a copy of Pun Salad's Amazon Product du Jour. And probably read it to him."