WTF is he SERIOUS?!

[nerdimus_prime]

From Change.gov, Obama's official transition website:
* Enact a Windfall Profits Tax to Provide a $1,000 Emergency Energy Rebate to American Families: Barack Obama and Joe Biden will enact a windfall profits tax on excessive oil company profits to give American families an immediate $1,000 emergency energy rebate to help families pay rising

Comments

[thatouguy]

holy crap! Now that's some change I can believe in! :-)

[nerdimus_prime]

Yeah, $500-$1000 is a nice chunk of change. :)

[nerdimus_prime]

Not to mention the collective pants-shitting that will occur at Exxon-Mobil, et al. I wouldn't want to be anywhere near their offices without a pair of waders.

[nerdimus_prime]

When I get my rebate check and use it as a down payment on my motorcycle, I'll name it "Che" just for you. :oP

[mjwise]

2, 3, and 4 are fine by me (who doesn't want fewer taxes, less paperwork) but I think #1 is pointless and punitive. Why?

1) Oil prices are already off by more than 50% since this summer. As in, futures now close around $60, where they peaked around $140+.

2) It ultimately punishes domestic companies while the petrogiant state-owned companies in places like Venezuela and Saudi Arabia pay nothing, in effect subsidizing hostile foreign oil companies. That's just dumb policy.

3) If you want less of something, you tax it. Do we want less domestic energy? Didn't think so. The last time punitive energy taxation was tried (Carter - 1980), it delivered far below expected tax revenue levels and damaged the domestic energy economy.

4) If anyone deserves "excess profits" taxation, it'd be, oh, Microsoft.