Taxing Oil Profits Could Generate $10 Billion for Katrina Efforts -- FINALLY A PLAN!!!

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Hurricane Katrina's financial impact could be reduced by $10 billion through a tax on windfall profits from the oil industry, according to calculations by the Center for Economic and Policy Research.

The calculations, which appear in a new paper, "Taxing Exxon's Windfall From Hurricane Katrina," by economist Dean Baker, are based on the sharp run-up in oil industry profits due to recent shortages of crude oil and refined products like gasoline and jet fuel. If just one-third of the industry's unexpected profits are taxed back by the government, it could raise more than $10 billion a year to finance the relief effort.

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