Jimmy Carter’s windfall profits tax led to a 6% drop in domestic oil output and as much as a 15% surge in oil imports, according to the Congressional Research Service. – IBD
Posted by Tina
Americans are feeling the pinch of oil prices both at the pump and at the grocery store. Americans are also very smart shoppers. When prices get too high we refuse to buylogical and necessary, right? But waitwere told this has created quite an emergency. Well…I submit it isnt half the emergency for the good citizens of America as it is for BIG GOVERNMENT. BG depends on the enormous amount of cash it gets from taxes on gas and diesel fuel. Now that Americans aren’t indulging in excessive driving the money flow to government has become a slow drip. So Congress is in a pickle. The bigger plan is to eliminate (destroy) oil companies and get us off the roads and onto bicycles, BUT in the mean timehow to replace the missing tax money now that we’ve cut back on consumption with all of our smart budgeting? The answer, of course, is more taxes! (with democrats it always is)
A recent IBD article included this revealing statistic: Exxon Mobil will pay more taxes this year to the U.S. Treasury than the bottom 50% of all taxpayers combined. *** In the first half, Exxon Mobil’s after-tax income rose 15% to $22.6 billion. A lot of money, to be sure, until you consider that Exxon Mobil paid $61.7 billion in taxes also a record.
By now youve probably heard Barack Obama wants to give every American family $1000.00. His proposal will place the burden for this stimulus plan on the backs of oil producers. The tactic will probably earn him a few votes as expected but it will not do a thing to put gasoline in our tanks or food on our tables at a reasonable price. And if that isnt stupid enough Pelosi, Reid, Feinstein and others in Congress have promised to raise gas taxes as well.
The emergency for democrats is that the piggy bank suddenly shrunk as Americans were forced to tighten their budgets. Funny how the thieves in Congress dont feel the need to do some belt tightening themselves.
One more thing: if the wealthiest Americans are already paying the lions share of income taxes and BIG oil companies are paying more in taxes than the bottom 50% of taxpayers combined how can it be true that the rich arent paying their fair share?