Thursday, May 12, 2011

Tax Big Oil? Who Pays

The new solution to high energy prices proposed by the Administration is to increase taxes on oil companies. An interesting energy policy! Forbid drilling and exploration of new energy sources and tax existing production. Is the plan to eliminate energy supplies?

Who pays the tax on oil companies that Obama is proposing? Who owns the oil companies? The answer: the average middle class American in their pension funds and college endowments and foundations. They are, by far, the biggest owner. So, the plan is to tax middle American pension funds through their holdings in stocks. There isn't some unseemly rich guy out there owning American oil companies. It is the average American. He is the greedy oil guy. So, by all means, lets tax him.

So another "soak the middle American" scheme proposed by Obama -- this time as a solution to higher energy prices.

You can't make this stuff up,