Senate Democrats seek to tax oil companies
by The Green A-TeamThe Green Air Filter:
This is a major issue right now with the Democratic primaries coming to a close. Senate Democrats and Clinton support reintroducing something called a windfall tax on oil companies under the assumption it will ease the burden on the general consumer. Obama and Senate Republicans (ironically) foresee the recoil of the windfall penalty coming back to punish the consumer down the road.
Perhaps most interesting about this politico-economic stalemate is the etymology of the windfall tax itself. Way back when Americans were colonists, the crown that ruled them limited the amount of lumber they could use only to what they needed to survive. The crown allowed a family the use of more lumber if some catastrophe or “act of God” occurred on their property (hurricane, thunderstorm, something like that) felling a tree. The lumber could be used and sold by the family at a higher than normal price.
Funny how it all goes back to trees.