Oil Windfall Tax or Pandering Tax?
Good Morning
If these folks are all so interested in windfall profits, why not set a top figure that American families can make and take the rest away from them? At least those serving in Congress. Let’s say that $100,000 per year is plenty for anyone to live on. That means that Hillary and Bill should return $108,300,000 in windfall profits tax for the past 7 years alone.
John Kerry should convince his wife to return the majority of her $500,000,000 estimated fortune as windfall profits. Cindy McCain should transfer her millions earned in her beer distributorship to the government coffers. Barrack and Michele Obama earned more than $4 million in 2007 and purchased a $1.6 million dollar home, why not give it all back?
Of course, suggesting the above remedy is ridiculous; members of Congress are all hard working diligent honest public servants who deserve every dime they earn and more. It’s the crooks in those oil companies that we’re after. Congress provides us with brilliant leadership and massive taxation, how can we compare that to the scoundrels that have provided us with what has been up to now, the cheapest energy on earth?
If we were to compare the vast fortunes held individually by members of Congress to those held by literally millions of Americans who own oil stocks, the oil companies would pale in a per-capita comparison.
I have researched and written the real truth more times than I can recall in my book and subsequent articles…we are running out of oil and dipping into reserves. Some 75% of that oil is not ours, but instead belongs to foreign nations. We have known that this day would come for some 50 years and who told us there would be an energy shortage? Oil company geophysicists. And now it has suddenly become the oil companies fault?
The pandering on both sides of the aisle over a diminishing resource that many in this very Congress have ignored for years…is sickening.
Wake up
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Hey Mike! This could be a great concept! Tax people on their net worth! We would make it a graduated tax with people earning below 100,000 paying nada and a slow elevation from there up to say 20% for those worth over 10 million. All taxes paid will result in some sort of credit with the government to be used at retirement or later. This would give the rich incentives to continue amassing wealth and raise more immediate funding for government use. Naturally, we would need to have cleaned up the government drastically or all that new income would be quickly pocketed by the slime that resides in DC now.
How do you like Bush’s declaration that “all options are on the table”. I assume this is the table that Pelosi has cleared? Of course we all lnow that George only knows of one option and that is bombing anything that moves. We really need to start testing our candidates for everything from intelligence to lice. Have yourself a good one Mike!
Michael,
You don’t have to worry much about Congress taxing themselves.
Of course, cash flow and net worth are two different things and taxing total net worth would eventually break the bank.
We need to get these people out of Congress and for that matter the Presidency. Career politicians are unfit for duty after about one term. It then becomes a full time job to keep their part time job.
Mike, it seems that all government agencies very quickly become self-survival centers instead of what they were actually formed for. I worked for the Texas Attorney General a few years back and at least the top ten priorities were self preservation and budget protecting projects. How to keep these agencies focused on their actual tasks should be a high priority itself. One of our highest priorities should be limiting terms of all elected and appointed government officials. Some manner of monitoring these individuals incomes during their terms needs to be enacted to limit or stop entirely the lobbying activities that have destroyed the effectiveness of our government. We really need some kind of standards for the candidates but that always is controversial as to who sets the standards. It’s a mell of a hess to figure out, eh? Take it easy Mike!
Term limits and campaign finance reform would make all the difference in the world along with disallowing any previous office holder to become a lobbyist.
If a person were certain that they had to re-enter the society that they created, their objectives would be influenced far differently than today.