One has to wonder if a punitive tax increase on oil won’t come back and bite us. Most taxes are passed on to the consumer, and this is not the time to add insult to injury with even higher gas prices imposed by Congress.
In their ongoing war against U.S. oil producers, Senate Democrats say they’ll slap Big Oil with a windfall profits tax and take away $17 billion in tax breaks, among other punishments. This is an energy plan?
The planned 25% tax on windfall profits would be imposed on oil company earnings above what the Senate’s wise members decided was “reasonable.” Never mind that what’s “reasonable” to one person might be punitive to another.
Refer to Oil Patch Plug, a Townhall Blog