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Thursday, November 03, 2005

Taxing Oil Profits

Senator Charles Grassley (R- IA), the chairman of Senate Finance Committee is "extorting" money through threatened special taxes on profits from the oil companies because he and his constituents are offended by recent reports of the size of those profits. It seems that gas has become a popular commodity lately around the world and there are only so many suppliers and refiners. Did anyone think they would be losing money?

More questions in no order of priority but with a point (I hope):

Senator Grassley, is there any chance that the profits of big oil will spur others to explore for more oil and make its costly extraction worth the investment?

Don't profits in an activity lead others to join in the fun?

Didn't you learn somewhere along the way that being in control as a senator gave you psychic thrills unattainable elsewhere?

Don't your opponents realize that? Didn't you and your friends ensure your place in power by passing the campaign finance law?

Haven't other powerful friends of yours redrawn voting district boundaries to ensure re-election?

Will forcing oil companies to cede 10% of its profits decrease entrepreneurial activities? Does any of this matter?

Just asking.

And as Neal Boortz asks: Who's profits are they anyway?

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