Argentina's Plan For Windfall Tax On Energy Is A Dangerous Move

Last month, U.K. Finance Minister Rishi Sunak imposed a windfall tax on oil and gas majors as the government tries to alleviate the country's worsening cost-of-living crisis. Chancellor Sunak said that the levy would be taxed on energy companies that were making "extraordinary profits" due to the spike in commodity prices. This is hardly a stretch, considering that energy giant BP Plc. (NYSE:BP) reported soaring underlying profits of $6.2bn (£4.9bn) last term--more than doubling last year's $2.6bn. The British government has imposed what…