Windfall Profits Tax on Oil Companies
Senator Bill Frist yesterday called for a hearing on windfall profits tax on oil companies and price gauging. A republican called for a wind fall tax! What is this country coming to! Did we forget that the windfall profits tax enacted by Jimmy Carter in the 1970s exacerbated the energy crisis by slowing oil exploration in America and keeping oil prices higher than they had to be.
Are we a capitalistic economy or socialistic? I understand that some people will be hurt this winter because of high heating cost and gasoline price. But to force someone or some company to give up their profits because we don’t think they should be making so much money is ridiculous. First question I ask would be, who should be setting how much is fair for the oil company to make and who will enforce the new law and distribute the money to someone who actually need the money. I don’t believe the government can fully regulate by pricing and taxes.
Any company’s duty is to its shareholders as long as the company itself is not involve in any illegal activity. We should be encouraging the companies to make as much money as possible. That’s how we can benefit as a society and a country.
It's not when you buy. It's when you sell!
