Is Obama tax cut really going to be a tax increase?
During Wednesday”s debate two unchallenged statements were made by Sen. Obama that were so ludicrous I am compelled to respond.
One: He wants to impose a windfall profits tax on the oil companies. Obviously the man refuses to heed the lessons of history and has never been involved in running a business. President Carter tried this trick on his watch. It didn”t do any good because the companies simply pass on the added cost to their consumers, as any business would have to do.
Two: The oil companies are not drilling on the leases they already hold because there is no oil there that is economically recoverable. Let them drill where it will do some good for all of us.
Finally, Obama, with the aid of a democratically controlled Congress, will allow the Bush tax cuts to expire, if they are not rescinded earlier. This will present us with the largest tax increase in American history. So much for his promise to cut taxes for 95% of Americans, including the 30% who pay no taxes now.
Bob Knutson
Kelseyville
