President-Elect Obama has grand ideas to siphon tax revenue from the "greedy" corporations in the form of higher corporate tax rates, as well as a "windfall profits" tax. He has especially gone after the oil companies.
Remember and understand one thing: Corporations do not really pay taxes. Consumers pay taxes. Like any business, large or small, expenses such as taxes simply get passed onto the consumer.
Therefore, a "windfall profits" tax on the oil companies is nothing less than a tax on every single man and woman in this country that uses gasoline or home heating oil.
Not to be overlooked is that it's an extra tax on American oil companies that puts them at a competitive disadvantage against international companies, thereby threatening jobs.
Perhaps President-Elect Obama does not see a problem with higher gasoline prices. After all, he was quoted during his campaign to not be alarmed by this summer's gasoline prices. He was only concerned with the speed at which they got to the record high prices. I guess when you're busy chartering separate MD-80 airliners for you and your wife to separately fly to Washington DC from the same location on the same day for a 1 day trip you don't worry too much about how gasoline and heating oil prices (never mind the dreaded greenhouse gases!) might impact the "little guy" you claim to care so much about.
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