Gassholes
Michael Hampton has a roundup of the oil legislation making its way through Congress.
Now on the other side of the coin is S. 1809, the Recapture Excess Profits and Invest in Relief Act, which would impose a temporary “windfall profit tax” on oil companies and redistribute that money to victims of Hurricanes Katrina and Rita, H.R. 4203 and S. 1631, the Windfall Profits Rebate Act, which would also impose a “windfall profit tax” and redistribute that money directly to American taxpayers on their tax forms, and H.R. 3664, the Consumer Reasonable Energy Price Protection Act, which would impose a “windfall profit tax” and distribute that money into the Low Income Home Energy Assistance Program.
Now the really frightening part of all of those proposals is that they would all cause gas prices to go up.
IO Error: Are gas prices going up or down?
The stinging sensation in your eyes is called Communism. The pure unadulterated collectivism of the phrase “Recapture Excess Profits” boggles the mind. They’re not even trying anymore to hide the fact that they think that all wealth belongs to the government. What’s worse, it appears that this bill has bipartisan support, further proving that the only difference between a Democrat and a Republican is which way their head was turned as they slept through Economics 101.
Simply put, every penny of tax levied against oil companies will be paid by consumers. This particular tax will cause gas prices to go up by 20 to 30 cents per gallon, at a time when prices are actually dropping at record rates on their own. Great thinking. New name for the people pushing these taxes: gassholes.
