Senator Crapo and windfall profits taxes
June 25, 2008
From Senator Mike Crapo’s E-News, dated June 25, 2008:
“There are those in Congress who want to impose windfall profits taxes, and some have even suggested nationalizing the oil companies. The fact is increasing taxes is not the answer. More taxes will not produce even one additional barrel of oil. “
Agreed, if we did tax the nauseating profits of the oil companies, this alone will “not produce even one additional barrel of oil.” But… just what could our Congressmen do with that extra money if they would impose those taxes?
- Borrow less money from China
- Invest in alternate energy sources
- Invest in drilling our own oil
- Improve our country’s health care system
- Maybe Exxon and buddies could subsidize our nation’s school districts that have to put gas in their buses to get children to and from school
Am I a Capitalist? Yes I am. But the suggestion of “nationalizing the oil companies” sounds ever more attractive to me every day. My reply to the Senator is perhaps this would be an appropriate solution at this time. Our elected representatives are not courageous enough to control the oil oligarchy.
