Crude Economics: Windfall profits taxes hurt consumers at the pump.
(Tax Foundation)
(Tax Foundation)
posted by HeavyHanded at
7:54 PM
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6 Comments:
Thanks for the link. One of the worst ideas I've heard of for dealing with the rising price of gasoline. Won't lower prices and won't help our industry develop the technology we need to get us to energy independance.
By
Anonymous, at 10:36 PM
With all the posturing the politicians are doing because consumers are screaming about high gasoline prices, Mnnesota legislators turn asround and are proposing an additonal 6 cent gas tax onto the existing taxes on gasoline.
This is insane. All legislators at both the state level and federal level should be required to take some entry level economics classes again to re-familiarize themselves with the basic principles of economics.
Maybe Thomas Sowell and/or Walter Williams could be paid to go and give refresher courses to our elected officials. That, I would love to see.
By
HeavyHanded, at 11:17 PM
As a former Minnesotan who worked in the state house for a while, it doesn't surpirse me that there are calls for higher taxes. Essentially, they want to punish the oils cos for record profits and in so doing, they'll raise the price of gas for all those "regular folks" who they're trying to help. It's a head scratcher. I like the idea of a remedial economics class for the lot of 'em.
By
Anonymous, at 6:50 AM
Isn't it a shame that anyone would think to "punish the oils cos for record profits" in the first place. Corporations exist to produce profits unless they are not-for-profit. Given the benefits of corporate profitability to our society in general, we'd be better off punishing those who would, through taxation, increase the price of oil for all of us.
By
Anonymous, at 5:31 PM
Not only are they in the business to make a profit, but these companies are widely held in personal investment portfolios, 401k's and pension plans.
Any "punishment" to them is going to hurt alot of ordinary private ciizens and retirees.
Not to mention the fact their profit margins are well within normal profit margins of American companies.
By
HeavyHanded, at 9:28 PM
Heavyhanded, You are exactly right. My husband's pension package includes oil and we're better off for it. I have to assume that there are hundreds of thousands of teachers and police officers and "regular joes" with retirement packages tied to oil. Big oil's success means greater wealth for a slew of people and shouldn't be looked at in such a narrow way.
By
Anonymous, at 5:56 AM
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