ASBL: Obama Drops Windfall Profits Tax for Oil and Gas Industry

President-elect Barack Obama has removed any reference of his promise to implement a windfall profits tax on the oil and gas industry from the Obama-Biden Transition Team website, www.change.gov.

During the course of the 2008 presidential election, the Obama campaign called for a windfall profits tax on the oil industry as a means of subsidizing a $1,000 "emergency" rebate for consumers struggling with surging gas prices. However www.change.gov, which houses the Obama-Biden transition agenda, was recently cleansed of any mention of such a tax.

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[TheKuffarKid]

I don't know if you ever got a satisfactory answer for this question but I put my take on it in a post to one of the commenters here if you are interested.

[TheKuffarKid]

2. ...domestic production comes to a near screaching halt, we start using more foreign oil and the 'dividends' of the tax never materialize. It was tried in 1980 promising to bring in$400 billion over 10 years. It actually only produced $39 billion total after 8 years so Obama's own party being in charge in '88 repealed it. Like I said/believe it was only a campaign gimmick from the get-go.

[TheKuffarKid]

1. I know this is a really old comment but I thought I'd say something here. The reason the windfall profits tax idea was dropped is that it was never going to be instituted in the first place. It was just an election campaign gimmick. The WFPT has a built in failure in that it is a tax on companies and not at the pump. Therefore foreign oil companies are exempt. This means american oil companies get put at an immediate disadvantage and can't compete with foreign oil. The result is that...cont.

[leebee39]

obamaa liar

[kaziqbal]

"Obama Drops Windfall Profits Tax for Oil and Gas Industry"

good

[Tinkeltown2]

I agree witih you. We should find out why the "Windfall profit tax" idea was dropped. Is it because the price of gas has gone down? Is it because the banks control the price of energy, not the oil and gas companies?

[JayAreDubya]

"The American people will never knowingly adopt socialism. But, under the name of 'liberalism,' they will adopt every fragment of the socialist program, until one day America will be a socialist nation, without knowing how it happened."

- Norman Thomas, U.S. Socialist Party presidential candidate 1940, 1944 and 1948

[dbadmus]

If you voted for Obama. Walk over to a mirror and say

"I am a Big Fool."