Windfall Profits Tax Unceremoniously Dumped From Obama’s Energy Plan
Thanks to crude oil prices that have fallen over $100 per barrel since July’s historic highs, there are no more windfall profits to tax. From the Houston Chronicle: President-elect Barack Obama has shelved a proposal to slap the oil and gas companies with a new windfall profits tax because oil prices have dropped so much in recent months, the transition team confirmed today. “President-elect Obama | Read More »
No More Windfall Profits Tax
Good on the President-elect for this decision: President-elect Barack Obama is not planning to implement a windfall profit tax on oil companies because prices have dropped below $80 a barrel, an aide said on Tuesday. “President-elect Obama announced the policy during the campaign because oil prices were above $80 per barrel,” an aide on Obama’s transition team said. “They are currently below that now and | Read More »
Obama’s Wrongheaded, Lame, Wasteful, Pointless Energy Plan
Obama’s website http://my.barackobama.com/page/content/newenergy outlines the detail of his energy plan. It reeks of Central Planning and is committed to the core Democratic value of Solving A Problem By Throwing Dumptrucks Full Of Money At It. The centerpieces of the Obama-Biden New Energy Plan are: a Windfall Profits Tax/Middle Class Tax Credit that will never happen; $150 billion/10 year/5 million job make-work plan that is woefully | Read More »
On The Windfall Profits Tax Proposed For Oil Companies
Why, pray tell, are we going after oil companies again? This question is especially important, given the fact that there are so many other industries that are making more in terms of profit margin. I mean, is demagoguery so important to the “reality-based community” that reality is being so utterly and completely abandoned here? Sigh. Don’t answer that.
When All You Have Is A Hammer . . .
I must have missed the memo in which it was announced that every socioeconomic problem that comes down the pike awaits only a regressive tax scheme to solve it. But I would like to think that even if the memo appeared in my inbox, I would have had the good sense to throw it away. Alas, too many people buy into the memo’s findings, hook, | Read More »
What Is A “Windfall Profit”?
a href=”http://online.wsj.com/article_print/SB121780636275808495.html”>A very good primer which cuts the legs out of the Obama windfall profits tax plan. A must read for the presumptive Democratic nominee and his campaign, but just because they won’t pay attention doesn’t mean that you shouldn’t.
Obama: Death by Taxation
Cities, chambers of commerce, and officials in state and local governments know that tax incentives drive economic development. It is one of their chief tools in luring business to their areas. There are extreme examples of this principle in places like Wilmington, DE, and Liechtenstein, where every nearby company wants to have a legal presence, and more mundane examples in nearly every major city in | Read More »
What Senator Obama’s Oil-Price Relief Will Cost
Ok, this is pretty interesting. Senator Obama told us a few weeks ago that John McCain’s proposal for a summer-long Federal tax holiday on gasoline was nothing but empty political theater. So now The One has given us a gesture with quite a bit more theater to it. He wants to give every adult American $500, right now. You can read his plan here. So | Read More »