Capital Commerce

Obama: Forget About That Windfall Profits Tax?

December 2, 2008 RSS Feed Print

The American Small Business League sent me an email about this:

"President-elect Barack Obama has removed any reference of his promise to implement a windfall profits tax on the oil and gas industry from the Obama-Biden Transition Team website, www.change.gov. ... The promise was displayed prominently at the top of the “economy” section of Obama’s campaign website. That same information was transferred to Obama’s transition website, www.change.gov, when it was launched on Thursday, November 6th. However, the language regarding the windfall profits tax was removed on Saturday, November 8th in an unceremonious and abrupt manner."

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Those of us who have lived through 1970's know that we the consumer pay the "windfall profits" tax, not the oil companies.
Maybe Washington is finally getting some practical education on taxation.

Joe From Hubbard of OH 7:32PM December 02, 2008