"Larry Dighera" wrote in message
...
On Wed, 24 Aug 2005 14:50:58 GMT, "Mike Rapoport"
wrote in
t::


What I want to know is why the Windfall Profits Tax (implemented by
President Carter in 1972 IIRC) hasn't been mentioned yet. It would
seem that domestic oil producers' costs haven't risen anywhere near
the price of crude.

Why should they be taxed more just because they are in the right place at
the right time?

The windfall Profits Tax was enacted as law when OPEC raised oil
prices in 1979. If that policy made sense to lawmakers then, why
wouldn't it be valid now? Why should domestic oil producers reap
unearned millions in profits at the expense of the American people
just because OPEC wants to price gouge?*

Think of it as the credit reporting companies making millions of
citizens' personal information public due to lax security procedures,
and then charging to insure those whose data they have compiled
against identity theft, as is currently occurring. While not the same
situation at all, it is another example of business victimizing the
people of this noble nation.

Should we tax stock investors at a higher rate during bull
markets?

Stock investors have their money at risk; think October 1988. Domestic
oil producers control a vital commodity without which this nation
would grind to a halt pronto. They should be regulated.

BTW Nixon was president in 1972

Oh yeah. That was the year he was impeached, wasn't it.

*
http://www.kucinich.us/archive/repor...7+10%3A06%3A14

The US oil companies get crude either by buying it at market prices or
because they have taken the risk to find it. They *own* the oil reserves on
their books, the government does not. When oil went to $10 not so long ago
they didn't make anything on production. They are currently paying higher
taxes, production taxes and royalties are based on pricing. Also consider
that a lot of oil produced by US companies is produced in foriegn countries
or off their coasts, should we tax the profits on these too. How about
people selling their homes? The housing market has been strong and people
are reaping windfalls.

If it is avgas pricing that concerns you, it is the FBOs that are f*cking us
not the producers/refiners/OPEC. The cost of crude is a small percentage of
the cost of aviation fuel (jet or avgas) so there is no reason that a
doubling of crude prices should be accompanied by a doubling of aviation
fuel prices.

...and if you want to tax something, tax mining on public lands, they pay
zero for the resource. (My pet peeve)...yes thats zero.

Mike
MU-2


Mike
MU-2