Letters to the Editor — Why not tax big earners who are gouging the public?

Inflation in the U.S. is at the highest rate in more than half a century. At the same time, unemployment is at the lowest rate in more than half a century. 

Every major U.S. oil company and many other corporations reported record profits in 2022. The exorbitant oil company profits are noteworthy because almost everything Americans buy is shipped in vehicles powered by petroleum products, so oil company profits are one of the major contributors to inflation.

The Federal Reserve is fighting to control inflation by raising interest rates. The major goal of raising interest rates is to reduce inflation by raising the unemployment rate to cool the labor market. 

Why should the burden of reducing inflation be on the backs of working people who can least afford it, while major corporations and their executives – especially in the oil industry – gouge the public for more money? It seems that a better approach would be to tax the excess profits of corporations and billionaires.