A Periodic Blog Series dedicated to exposing the idiocy exhibited by members of the Democratic Party...and getting a good chortle out of them!
It looks like Obama's newest buzzword is "windfall profits tax": http://www.reuters.com/article/topNews/idUSWAT00963020080609?feedType=RSS&feedName=topNews&rpc=22&sp=true
"I'll make oil companies like Exxon pay a tax on their windfall profits, and we'll use the money to help families pay for their skyrocketing energy costs and other bills," the Illinois senator said.
What Obama doesn't get (or maybe he gets it & just doesn't want the average American to realize the truth) is that a windfall profits tax hits the shareholders, and the shareholders are not just the oil & natural gas company execs (who only hold 1.5% of those company stocks). The remaining stock is held by middle America, people who have oil/gas company stocks in the portfolios of their mutual funds, pension funds, IRAs, etc. (Don't believe my stats: check out THIS STUDY done by Robert J. Shapiro, undersecretary of commerce for economic affairs under Bill Clinton.) So wealth distribution under Obama's grandiose plan will in actuality be taking from the retirement plans of the hardworking middle class, not from the rich as he infers. No thanks - keep your hands off my $$!
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