Friday, April 28, 2006
Unitary Executive Jr. ran for office 6 years ago saying he was a Compassionate Conservative. At the time I had no clue what the meaning of that was. At this point I am beginning to believe that the phrase refers to the compassion the Jr. obviously has for the largest corporations in this country. He apparently does not see the record auto fuel prices and record oil profits as being linked in a way that hurts the average American. After all, Jr has never had to struggle to put food on the table, pay his bills or meet his financial needs. In fact Jr. has failed at a number of business and was bailed out each time.
Now in the wake of a 3rd straight quarter of incredible numbers for the quarterly income amounts of ExxonMobil and the other companies (with the exception of BP in this particular cycle.) Jr does not see the situation as anything but a way to 'promote' an alternative energy policy that he appears to be behind the curve on, not that that is surprising with this administration. When Democrats in Congress begin to discuss the concept of, perhaps, taxing the extreme profits of these companies, he responds " The temptation in Washington is to tax everything." I guess this as opposed to the Bush Administration policy to drive the country, much like the companies I refered to above, in to the financial dumpster. I do believe this financial situation that the administration is fostering is an intentional one, but that is really for another discussion. I believe that Exxon Mobil announced that it's profits were $8.6 Billion. If they were taxed at 25%, and that is not a proposal just an example, that would bring in to the coffers of the government $2.15 Billion. If that was done for all of the oil giants how many less bonds would the government need to sell to foreign governments in order to continue to operate.
My proposal would be that a percentage of the profits be subjected to a windfall profits tax, in order to avoid the tax, the oil giants would have to invest a larger percentage of their excess profits in the R&D of alternative energy sources. Otherwise a portion, and I would propose a hight tax rate, is subjected to a windfall profit tax.