Windfall-Profit Nonsense
by John Stossel
Hillary Clinton and Barack Obama want to raise the price of oil, as well as most everything else, and lower the value of the pension and mutual funds that union members and retirees depend on.
Of course, they don't describe their plan that way. Instead, they call for a windfall-profits tax on the oil companies.
But it's the same thing.
Taxing a "windfall" sounds appealing, but stock prices are based on expected profits. Throw a new tax on profits, and retirement ...
( Back to Article )
Join the Discussion
|
2 Comments | Post Comment
|
Posted by: Matt
Comment: #1
Fri May 30, 2008 11:04 AM
Mr Stossel, thank you for this hard-hitting article that speaks the truth. Taxing windfall profits is politically popular and seductive, but economically unsound for the reasons you state. I'd add that even if "obscene" profits WERE going into the pockets of a handful of oil executives, so what? Number one, the shareholders who own the company evidently believe they're worth it. Number two, the executives who make millions per year aren't just stashing it all under a mattress - they have personal investments, real estate, and spend lots of cash every year on ordinary goods & services just like the rest of us. All of that is real money flowing into the pockets of smaller business and workers, and state, federal, and local governments tax it every time it changes hands. This all is on top of the fact that it's grossly unfair to single out one industry for "punishment." You'll catch a lot of flack for writing this, but I agree completely - thanks for writing.
|
Posted by: Agree
Comment: #2
Fri May 30, 2008 8:16 AM
TRUTH - simple, powerful and John Stossel has it in his veins!!!!!!!!!!!!!!!!!!!! Thank you Mr. Stossel for this and all the other truths you bring out in your articles.
|
|
|
|
|
 |
|
|
|
|
- 
- 
- 
