My assertion: Barack Obama's presidential agenda includes the redistribution of wealth in the form of his proposed Windfall Profits Tax. This is a communist idea, not a democratic one.
The zinger: No, I am not talking about Barack Obama's Global Poverty Act.
The fact: Barack Obama wants to take money directly from the oil companies and give $1000 to every American family.
The proof: Barack Obama's energy plan, Barack Obama's energy plan in detail (these link to his own web site).
In Defense of Mr. Obama
In this blog post I will speak out against Barack Obama's planned Windfall Profits Tax, and I will speak strongly. But know this: Barack Obama has the best intentions for America. I am willing to give Mr. Obama the benifit of the doubt (though in a way, I hope you won't). I do not think that this tax alone will destroy the country, turn us into a communist nation, or ruin our energy sector. However, pay attention to my argument. Just because this tax won't immediately destroy the country doesn't mean it isn't wrong. The Windfall Profits Tax is a stupid idea, and it won't do any good for this country. You're about to see why.Details of the Windfall Profits Tax
Barack Obama will require oil companies to take a reasonable share of their record-breaking windfall profits and use it to provide direct relief worth $500 for an individual and $1,000 for a married couple.Analysis of the Windfall Profits Tax: Benefits
-BarackObama.com
- Each American will have $500 towards energy costs.
- Oil companies are forced to either take less profit, raise prices, or reduce spending, some of which goes toward alternative energy research.
- By giving Americans an easy way out, the government discourages middle- and lower-class Americans from investing in cheaper, cleaner, more fuel-efficient technologies.
- By taking company profits, the government discourages success and innovation.
- The government sets a dangerous precident: the government knows best and it can take money from whomever it chooses and give it to whomever it chooses.
Free money. Big whoop! I can't speak for everyone, but $500 doesn't pay for very much of my energy costs. In fact, I'm sure that would be gone in less than two months in my own case. Perhaps I am overlooking the largest benefit of this tax: middle-class votes for Barack Obama.
Detriment #1 in Depth
Here is a fact for you: last year Exonn Mobil made $1,500 per second in profit. They paid about three times that in taxes, or about $4,000 per second. In expenses, they paid $15,000 per second. Let's really crank our noggins and think about this one as hard as we can. If oil companies are taxed more, will they take it directly out of their profit margin? Take a wild guess. One thing they are likely to do instead is raise prices. Well, that will help things! Of course, they could also cut into expenses. Which will they cut into first? Transportation? Drilling? Of course not. First will be alternative energy research. Doy! See, Barack?? Common sense can be fun!Detriments #2 and #3 in Depth
A few months ago, I decided to go out and spend about $15 on a few flourescent lightbulbs. They use 50 to 75 percent less electricity than incandescent lightbulbs, so I figured they would help with my electric bill. Now, let's get those thinking caps back on again. Would I have been so inclined to go buy those light bulbs if I knew the government would foot my electric bill for me? No, I would not. Neither would one of my friends have been inclined to sell their gas-guzzling Mercedes for a tiny sedan. Neither would I be inclined to buy a Toyota Prius as my first car, as I plan to someday! Hey, free money is great. But it's stupid. It can only cause the public to forget about going green.
In the same way, this tax will kill motivation on the part of companies and individuals working for companies. If I am a bright mind working at an oil company, why would I stay if I knew my pay raises were being forced down by the government? I'd probably rather go work in a more profitable industry, like fertilizers or nuclear weapons research.
Detriment #4 in Depth
In this country we are all about precidents. If the government gets away with something once without causing a large uprising, they know it's safe to do it again. We do not want a new precident that says the government can force the wealthy to give away their profits.
But forget about precidents. There is already a precident in place which says that everything the government does is moronic. Why does Barack Obama want to give these morons more power? Why does Barack Obama think that the government is wiser than its people? Why does Barack Obama think that the government has the right to say who is allowed to keep their money and who is not? To be honest, I do not know why Barack Obama thinks his Windfall Profits Tax will help anything at all.
A Note on Windfall Profits
Wouldn't it be horrible if the oil companies broke into our houses and stole money from our pockets? Or if we had to pay income tax that went directly to oil companies? Or if oil companies put a gun to our heads and told us we had to drive SUV's and never take public transportation to work? Yeah, that'd be horrible!The only problem is, none of those things have ever happened.
Oil companies make windfall profits because we buy their gas in windfall amounts. I don't know about you, but the car I drive runs on gas. I stand at the station and pump it into my car a few times a month. Then I pay for it. People like Barack Obama have turned "oil company" and "profit" into swear words. They want you to feel guilty for being successful and making money.
Are the record-breaking oil profits a problem? Yes, I think so. But I respond to that problem on my own.
I reduce my usage of electricity. I use fuel-efficient vehicles. I walk and take public transportation. And so does the rest of America. Sales of the Toyota Prius are booming right now, and not because of a government regulation. They are booming because Americans are moving themselves in the right direction. For the same reason, American car companies like Ford and Chevrolet are creating hybrid models of their most popular cars--without being told by the government to do so.
Well fancy that. Maybe we don't need the government to figure things out for us.
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