Letter to Senator Phil Gramm of
have just approved H.R. 4848, the Omnibus Trade and Competitiveness Act of
1988. In addition to strengthening the ability of the
Repeal of the Windfall Profits tax reflects a recognition that free market incentives -- not taxes and government regulation -- will keep America's oil and gas industries among the world's leading energy producers. The tax imposed substantial costs and paperwork on energy producers while raising little revenue for the Federal Treasury. It made no sense for Congress to force energy producers to spend many millions of dollars each year in accounting and administrative costs just to report that no tax was due.
Note: An original was not available for verification of the contents of the letter.