Rethinking Windfall Profits Taxes

June/26/2008 3:52AM
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Prior to today I have written many unkind things about Obama’s windfall profits tax on the Big Oil companies. It was my belief that it would just get passed on to the consumer, that it would drive the international oil companies out of the US, and that Obama would squander the revenue on government spending. Maybe I’m all wrong on this.

Maybe windfall profits tax is a good idea. I don’t foresee any windfalls for me in this dismal economy that will only get worse in lthe next 5 years so how could it hurt? But, Senator Obama don’t stop with the oil companies. Let’s put a windfall profits tax on profits from books like the $2 million you made from your book. And, the several millions the Clintons made. Put one on fees for public speaking like the $100,000 a pop President Clinton gets 150 times a year.  Let’s put a WPT on campaign contributions. You expect to bring in a record $500 million, let’s tax that. Let’s put a WPT on legal awards from lawsuits. Any attorney who gets more than a million on any one suit pays the WPT. Let’s put a WPT on any elected official who increases their net worth more than their salary would indicate they should. Let’s put the WPT on any state gasoline tax that is percentage based. Let’s put the WPT on corporate farm income. Let’s put the WPT on ethanol producers.

Anyone who supplies anything to the government must pay a WPT. It’s just a known fact that the price will be triple what the private sector would pay for that item, so let’s get some back. Let’s WPT the Chinese for the new light bulb that you are forcing us to use. Revenue for lobbyists get a WPT off the top. Anyone flying a public official or someone running for office must pay a windfall profits tax on the charter fees. Al Gore must pay a WPT for lying to the world about global warming and increasing his net worth $100 million dollars. Any contractor who gets the bid for a pork project must pay a WPT. 

I’m not even warmed up and taking a liking to this WPT idea of yours. I figure you will be able to cut my taxes by 50% after you take in just the few ideas I’ve presented. If it doesn’t come to 50%, I can come up with another 20-30 in no time.

By the way, Senator, your idea about taxing the Big Oil companies for the leases they paid you for and aren’t developing is very bad. It’s shows you are not doing your homework. If they  paid you and there’s no oil there to drill for you already scammed them. Double scamming is bad, even in Chicago. The dumb things you say just keep piling up. Keep up the good work.

So, for once we agree, Senator. Windfall profits tax taken to it’s full potential is great. Just don’t stop with Big Oil, use it for all the windfalls that hurt America. That lot that Tony Rezko bought for you next to your house in Chicago, sorry, but it’s going to get the WPT too.  

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