Obama: Tax the Oil Company Windfall Profit

Barack Obama and John McCain have been sparring back and forth for a while now, and the ads that are running on TV are starting to get a little "muddy" (Ok, a lot muddy). One of the central issues that is now being raised pretty much everywhere each of them goes to is the situation with gas prices and oil companies. While Obama released a controversial commercial bashing McCain for being in "Big Oil"'s front pocket, there has also been claims from credible sources that Obama's campaign has also been funded by oil companies and the like.

That aside, Obama has said that he wants to tax Big Oil and their record breaking windfall profits that are now coming in at the height of the most expensive gas ever in the United States. He notes that he wants to take some of this tax money to help Americans pay for gas as well. While this is great in theory, like many of Obama's claims, how would this actually work? How exactly would it not eventually trickle down to me, Mr. Joe American?

I mean, let's think about this--company makes lots of money. Company gets taxed on money. Company therefore loses money. Company needs to make up money. Company charges more for services to make up money. Rinse and repeat....It's not something that is rocket science and is not a solution to the problem--the issue is to get gas prices under control or to find alternative methods to decrease the supply and demand issue, such as oil drilling, research into other fuel methods, etc. Taxing companies won't do anything, and it won't be anything that we see anytime soon anyways.

( Add your comments )

Recent Entries:
· 2011 Ford Explorer
· Honda Announces Mileage Marathon Winner
· Cadillac Converj is GM's next electric car

[ READER COMMENTS ]

Obama: Tax the Oil Company Windfall Profit

Add your comments...

We kindly ask that you keep your comments relevant to this blog entry. Abusive or inappropriate comments or comments that are specifically promotional in nature may be removed.