QUOTE (eurovol @ Aug 6 2008, 11:26 pm)

And for every one against, there is one for it. What Conky fails to show in that article is this:
Way to go there Conky. Nice how you skew the facts by presenting only half of the story.
I skewed no facts whatsoever, certainly not in quoting Feldstein, and certainly not in posting a link to the article from which you fished something out of context . In fact, you are the one who has skewed facts (see below) nor have you come anywhere close to "presenting more than half the story" on this issue. Obama supporters continue to show that they are delusional and/or dishonest.
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No it really wouldn't. It could actually have the effect of motivating the big oil companies to increase profits by becoming more efficient and take advantage of other programs promoting cleaner and sustainable resources.
Could? Your evidence for this? How are oil companies going to become "more efficient" by moving into areas in which they don't have expertise? And how, by reducing their after-tax profits from activities in which they are proven to be very efficient, will you make it easier for them "to take advantage of other programs promoting cleaner and more sustainable resources"? Take note, in the WSJ article I cite below, that GE is investing in alternate energy sources without Obama-style subsidies or Obama-style "windfall profits" taxes. Why? Because they see profit in that space.
I am all for increased use of cleaner sources of fuel, but let's not pretend that "windfall taxes" on oil companies that will decrease supply are the way to do this.
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If it didn't work, I don't think Reagan and the Republicans would have let it continue for the entire 8 years he was in office.
Talk about skewing facts. No US President can impose or repeal a tax, not even by Executive Order. This must be done by Congress, which was controlled by Democrats during Carter's presidency, and during the entire Reagain presidency, the Democrats controlled the House of Representatives, where all tax legislation originates.
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And for every one against, there is one for it.
I'd like to see you prove this claim that as many economists support the windfall profits tax as oppose it. Feel free to quote their reasoning as well.
Anyone have any idea how much people connected to the oil industry have donated to Obama? Maybe in his eyes they haven't donated enough...

This proposed Obama policy is another example of the anti-business free lunch mentality that pervades some parts of the Democratic Party.
BTW, here is the Wiki link on the aformentioned previous "windfall profits tax":
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http://en.wikipedia.org/wiki/Windfall_profits_tax"Despite its name, the crude oil windfall profit tax . . . was not a tax on profits. It was an excise tax . . . imposed on the difference between the market price of oil, which was technically referred to as the removal price, and a statutory 1979 base price that was adjusted quarterly for inflation and state severance taxes."
Furthermore, eurovol, along with record profits, oil companies are paying record amounts of corporate taxes:
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http://online.wsj.com/article/SB1217806362...ew_and_outlooksBetween 2003 and 2007, Exxon paid $64.7 billion in U.S. taxes, exceeding its after-tax U.S. earnings by more than $19 billion. That sounds like a government windfall to us, but perhaps we're missing some Obama-Durbin business subtlety.