“Windfall Profits Tax.” What could possibly go wrong?
The Democrats, worried about higher gas prices, want to set up a board that would apply a ‘windfall profit tax’ as high as 100 percent on the sale of oil and gas, according to their legislation. The bill provides no specific guidance for how the board would determine what constitutes a reasonable profit.
Good luck defining “windfall profit.” Every now and then, it’s nice to have a clear reminder of who the Dems really are. Fortunately, this bill is just for show, since it has no chance of passing the House. Hey, what would that windfall profit tax revenue be used for anyway?
Specifically, he said the money would be used to fund a tax credit on the purchase of fuel-efficient cars and set up a grant program for mass transit programs when oil-and-gas prices are high.
Ha. Classic. Let’s siphon off some money from stuff that works, so we can use it to pay for stuff that doesn’t. I wonder if any of those taxes would have gone to help pay for the exploding Chevy Volt?