Weekly column - May 9th
A windfall profits tax would increase oil imports and discourage domestic production. The National Center for Policy Analysis found that the 1980 Crude Oil Windfall Profits Tax, signed into law by then President Jimmy Carter, caused domestic oil production to fall by as much as 6 percent and imports to increase up to 16 percent - so much for independence from foreign oil. It also resulted in higher prices at the pump because of decreased production.
Here is my column for this week. I am expecting hate mail off this one. I wrote about the pandering of Clinton and McCain on a potential gas tax holiday as well as Clinton's plan for a windfall profits tax on gas companies.
You can find links to previous columns here.
Comments
This type of behavior is expected from Hillary Clinton, but John McCain is supposed to be a fiscal conservative, cutting revenue and not cutting back on spending is what got Republicans in the position they are in now. We have a tax on gas because that is what maintains our roads. How does he expect to make up for the loss of revenue; Bush's deficit spending is why our dollar is so weak right now.
Clinton is an idiot, because everybody knows that CEOs personally write checks to pay their windfall profits tax (sarcasm).
Posted by: Ryan Larosa | May 9, 2008 10:06 AM