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Here They Go Again...

Democratic presidential candidate Barack Hussein Obama's proposal for a windfall profits tax on oil companies could cost $15 billion a year at last year's profit levels, a campaign adviser said.

The plan would target profit from the biggest oil companies by taxing each barrel of oil costing more than $80, according to a fact sheet on the proposal.

The tax would help pay for a $1,000 tax cut for working families, an expansion of the earned- income tax credit and assistance for people who can't afford their energy bills.


What happens if the oil drops below $80 a barrel again? I guess we didn't learn our lesson from Dimmy Carter when he imposed a windfall profits tax - and gave us long gas lines and only certain days you can buy gas.

The top five oil companies, San Ramon, California-based Chevron Corp.; Houston-based ConocoPhillips; Irving, Texas-based Exxon Mobil Corp.; BP Plc in London; and the Hague-based Royal Dutch Shell Plc. reported $123 billion in profits for last year.


And the federal government takes in over $3 trillion each fiscal year. And they're not called profits.

Comments

( 1 conspiracy theory — Conspire Here! )
geah
May. 2nd, 2008 04:02 am (UTC)
"And they're not called profits."
It's called thievery (or dues, depending on how you look at it).
( 1 conspiracy theory — Conspire Here! )