"MACK DADDY" <pepsivanilla@[EMAIL PROTECTED]
> wrote in message
news:1185aa84-fee2-48b8-9c7d-b7f280e37727@[EMAIL PROTECTED]
> On May 12, 9:33 am, "Dionysus" <no surren...@[EMAIL PROTECTED]
> wrote:
>> FROM IBD
>>
>> HEAD: DEMOCRATS' WINDFALL TAX -- ON YOU
>>
>> In their ongoing war against U.S. oil producers, Senate Democrats say
>> they'll slap Big Oil with a windfall profits tax and take away $17
>> billion
>> in tax breaks, among other punishments. The planned 25 percent tax on
>> windfall profits would be imposed on oil company earnings above what
the
>> Senate's wise members decided was "reasonable." Never mind that what's
>> "reasonable" to one person might be punitive to another, says
Investor's
>> Business Daily (IBD).
>>
>> The last time the United States had a windfall profits tax on oil
>> companies,
>> the results were [disastrous]:
>> --Over the entire 1980-1986 period, the (windfall profits tax) reduced
>> domestic oil production from between 320 million barrels . . . and
1,268
>> million barrels according to the Congressional Research Service.
>> --Oil companies were hit hard by the tax, and in line with basic
economic
>> theory, they produced less oil, not more.
>> --The effect of reducing domestic oil production was to increase the
>> level
>> of im****ted oil, says IBD:
>>
>> At the time, the United States im****ted about 30 percent of its oil;
>> today,
>> we im****t about 60 percent.
>>
>> In part, that jump in oil dependency was due to the huge tax advantage
we
>> gave foreign oil companies in the 1980s -- and to the continuing
>> advantage
>> we give them today by refusing to let our oil companies produce more
>> crude
>> from our own reserves.
>> Revenues from the windfall tax were far less than expected, because
>> producers pumped less and non-taxed im****ts flooded our market.
Compared
>> with a forecast of $393 billion in windfall tax revenues from 1980 to
>> 1988,
>> Congress got a mere $80 billion.
>> *********
>> Dose dim Dems..."stupid is as stupid does" indeed.
>>
>> Dionysus
>
> The period you cited was when Raygun was president. That's why it
> didn't work!
*********
All right, who left the livestock pen gate open?
Dionysus
|
