jreeves
Senior Member
- Feb 12, 2008
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- #21
man, this is great.
it shows Obama is actually the candidate supporting the working people with a real plan to help deal with the soaring energy costs.
both hillary and mccain supported the pandering gimic of a gas tax holiday which any economists will point out really only results in a give away to oil companies.
Barak's plan will actually put the tax on the oil campanies...and if you read the details only applies when the price of oil is over $80 rofl: not at $20).
It sure is refreshing to see a candidate who understands economics.
Thanks for bring up this topic guys.
You really must not have read this part of the article.
The answer to the second question, according to the Congressional Research Service (CRS), is that the 1980s windfall profits tax depressed the domestic production and extraction industry and furthered our dependence on foreign sources of oil.1
CRS also found the windfall profits tax had the effect of decreasing domestic production by 3 percent to 6 percent, thereby increasing American dependence on foreign oil sources by 8 percent to 16 percent. A side effect was declining, not increasing, tax collections. Figure 1 clearly shows that while the tax raised considerable revenue in the initial years following its enactment, those revenues declined to almost nothing as the domestic industry collapsed.
Windfall profit taxes drive down domestic production which weakens our domestic supply. Also, tax revenues are actually decreased not increased. But do tell me how this is refreshing???