From each according to his abilities, to each according to his needs.
--- Karl Marx
RALEIGH, North Carolina (Reuters) - Democratic presidential candidate Barack Obama said on Monday he would impose a windfall profits tax on U.S. oil companies as he sought political gain from Americans' pain over high gasoline prices.
Launching a two-week focus on the economy after clinching the Democratic presidential nomination, Obama drew a sharp contrast between his economic policies and those of John McCain, his Republican rival in the November election.
"I'll make oil companies like Exxon pay a tax on their windfall profits, and we'll use the money to help families pay for their skyrocketing energy costs and other bills," the Illinois senator said.
If he is, will he tell us that that is not the Karl Marx he has known?
Will he throw Karl Marx under the bus?
Reliapundit adds: Great one Pasto'! BTW: Russians are now finally getting wealthy and improving their living standards because they are capitalists and because they are drilling for oil in their own country.
Gee whiz. Do you think maybe we should do more of that?! We would except for the Dems.
The manufacturing guys over at Evolving Excellence had a good post today on "big oil" relatively low profit margins, but with a twist. Did you know the endowments of Harvard, Yale, and others went up over 20% last year? Those private universities are just sitting on the cash, while Big Oil is at least reinvesting in new energy sources (even green) and paying dividends to help support little old ladies in retirement. They reference one WaPo article that says Big Oil profit could educate 60,000 kids... well the increasing endowments at Harvard could let Harvard build a dozen more Harvards and educate that many kids each year. Who should get nailed with a windfall profits tax?
ReplyDeletehttp://www.evolvingexcellence.com/blog/2008/06/windfall-profit.html
Lani