American Highlander

The many musings of an American Celt

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Windfall Profits???

Posted by Reid on August 5, 2008

Please Define What a ‘Windfall Profits’ Tax Is…

By Betsy Newmark
High School History and Government Teacher/Blogger

Liberals like to bleat about the oil companies making “windfall
profits” as if there is some point when making a profit is bad. So the Wall Street Journal asks what the definition is of a “windfall profit.” This is important to know because Senator Obama has proposed giving each American family a stimulus check of $1000 paid for by a windfall profits tax on the oil companies. He is presently running an ad touting his plan.

Read the rest of the article here

Any Obama supporters care to enlighten me after reading this article? Help me understand why we should elect someone that wants to devastate our economy. He needs to take an Economics class again.

Remember oil companies have paid in taxes more than three times what they earned in profits between 1977 and 2004. We made the mistake once in 1980 (some of you were not alive yet) we should learn from past mistakes and not make them again.


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