The Obama team's decision to drop the idea of forcing oil and natural gas companies to pay a tax on their windfall profits has caused a firestorm among liberals and small business coalitions. Full Story »
Posted by Dwight Rousu
One of the key appealing platform items during the campaign quietly disappeared. Obama's appeal seemed to be his courage and honesty, which this puts in a shadow. Deference to big oil corporations is suggested.
If the price of and demand for oil declines, and there is no windfall profit, what harm would the windfall profit tax do? If oil prices rise again, like a stock market rally, then the windfall profit tax could help speed funding for green technology. It seems like a no-lose/win tax.
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