UPDATE: Say Anything has a great graphic depicting the effects of a windfall profits tax.

St. Barack Obama wants to tax oil companies…yeah, that’ll lower gas prices…idiot

Under Obama’s proposal for a windfall profits tax, the government would tax some of the profits from big oil corporations and use it to provide a $1,000 rebate to people struggling with high energy costs.

I do believe that oil corporations pay almost 51% of their profits in taxes already….

51%

*sigh*

Look, let’s go through this again. If you increase the cost for a company to operate, that increased cost will be…WILL BE…passed along to the consumer.

So to follow St. Obama:

He wants to increase costs for oil companies.

He then wants to “give” Americans the money the oil companies earned.

Americans would then use that money, which they didn’t earn, to offset high energy costs.

Oil companies will raise prices to offset the added costs.

Energy prices will go up.

They will stay indefinitely.

The $1,000 dollars “given” to Americans will run out.

Americans will be left with higher energy costs than before St. Obama taxed the oil companies.

Seriously, that’s his plan.

OMG, can someone please throw an economics book at this guy.

Also, do we really want the government redistributing wealth? I know they already do it, but do we want them to do it more often?

What happens if the “Government” decides you make too much money, so they hit you with additional taxes that they will use to give to the less fortunate?

Oh, yeah, they already do that. It’s called our current tax code.