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To: mywifecallsmerobi
I strongly supported ...the Consumer First Energy Act of 2008...to deny major oil producing companies a tax deduction on profits attributable to domestic production of oil, limit the ability of these companies to claim foreign tax credits, and would impose a 25% windfall profit tax on oil companies unless the invested the funds in renewable energy sources. The revenue raised from these actions would be placed in an Energy Independence and Security Trust Fund that would be used to expand the development of renewable energy sources.

Oh, surprise, surprise! He supports the windfall profits tax. Of course he would, as that gives him and his buddies more money to spend. You'll note, however, that it doesn't help you and I at the pump one bit. But somehow, giving my money to Washington is somehow less evil than letting the oil companies, who actually produce oil, use the money to produce more oil.

Oh...and I loved the part where he tells you that the revenue from the taxes will be used to fund the Energy Independence and Security Trust Fund. Really? This is exactly the same thing they said when they passed the Alternative Fuels tax in 1973. The monies from that tax was supposed to be used for the gov't to develop alternative fuels. Oddly, no one seems to know where those billions of dollars went. My guess is Congressional home freezers.

7 posted on 07/12/2008 10:17:50 AM PDT by econjack (Some people are as dumb as soup.)
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To: econjack

It sounds a lot like a Social Security scheme for oil. I expect the fund would be used the same way too. Divert the capital to everything but energy security.


15 posted on 07/12/2008 12:47:04 PM PDT by TigersEye (Berlin '36 Olympics for murdering regimes Beijing '08)
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