Quote:
Originally Posted by Bourne
This is classic. The Democrats, the same crew that prohibited oil exploration in the Arctic, now are proposing to levy a penalty in the form of a profit tax against large oil companies effectively penalizing one specific industry from making too much money. For being successful. Cut back on oil profits and the oil companies will just cut back on R&D and exploration expenses. The result, less domestic production and an even greater dependence on foreign sources. Pelosi, Reid and their ilk are absolutely nuts. Fortunately this bill has next to no chance of making it past a presidential veto.
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This is exactly correct. Regretably, the Democratic Party has, in recent years, fetishized "fairness"--a very subjective and slippery concept--and many have decided that it is simply
unfair for Big Oil to make huge profits, regardless of the inconvenient fact that its profit margin is no greater than what is typical of American industries. (On this point, compare Barack Obama's recent response when asked if he would insist upon higher marginal tax rates for the wealthy, even if that would produce a reduced stream of revenue, due to depressed economic activity. His response: Yes, certainly, he would still be in favor of higher taxes on the wealthy; it is just a matter of
fairness.)