April 24, 2006

What We Need is a "Windfall Taxes Rebate"

Want to cut the price of gas, okay, here's what we do....


Republican Gas:
Senator Arlen Specter (R-Pennsylvania/Courtesy: CNN's Late Edition) says,"I think windfall profits, eliminating the anti trust exemption, considering the excessive concentration of power are all items we ought to be addressing."
Democrat Gas:
Senator Carl Levin (D-Michigan/Courtesy: CNN's Late Edition) explains,"If the president would call the oil companies into the Oval Office, and tell them he's gonna support a windfall profits tax the way some of us have been urging, unless they bring the prices down given the excess profits they have earned, the extreme, obscene profits that they've gotten, I bet the prices of gasoline would come down within a matter of days."

Now we are all clear that the "DC Do-Something-Disease" is raising festering boils on the flapping lips that suck down salary and benefits on your dime in the Senate and the House, right? Right.

That being the case, could we all please write/phone/visit our representatives and tell them to just "Shut up about these windfall profits lest you suck more deeply and eternally than you do already!"

If you want cheaper prices at the pump, there's only one way to get it absent drilling (Can't upset the rutting Caribou in Alaska.), building refinery capacity ("Not within three thousand miles of my backyard!"), or making Iraq the 51st state ("Humm.... hold that thought. We'll get back to you."). That method is to create a "Windfall Taxes Rebate."

It works a lot like the "Windfall Profits Tax," but you get cheaper prices at the pump and a rebate. For every penny gasoline increases in price past a benchmark of $2.00 a gallon, state and federal governments have to take ten percent less in gas taxes and use the residual taxes to send everyone buying gasoline at over $2.00 a gallon a rebate for the amount over $2.00 that they paid.

If, however, gasoline remains at $2.00 a gallon no adjustment in the gas tax or rebates come into play.

Put that little law into action and you'll see $2.00 gasoline within the fortnight. You'll also see drilling around the country, refinery applications green-lighted, and a Manhattan Project in pipelines unfolding.

The Windfall Taxes Rebate: Everybody wins when government loses.

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Posted by Vanderleun at April 24, 2006 1:44 PM | TrackBack
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"It is impossible to speak in such a way that you cannot be misunderstood." -- Karl Popper N.B.: Comments are moderated and may not appear immediately. Comments that exceed the obscenity or stupidity limits will be either edited or expunged.

Perfect. I will call my feckless and overpaid congressmunchkins in the morning and deliver the message.

Posted by: Mary at April 24, 2006 2:35 PM

The latest theory in Tinfoil Hat Territory is that Bush went to war for oil, all right - but to drive prices UP, not down; by interrupting the smooth flow of oil production in the Mideast, The prices go up. As a result, Bush actually gets to wank off OPEC for a while to curry favor with them (Thanks for the profits, Mr. President) - and then when the backlash starts, W. gets major support for any proposal he has to reduce our dependence on Foreign Oil.

Needless to say, this is the absolute ZENITH of paranoia. They say Bushitler invaded Iraq in a war for oil - and then when gas prices go up instead of down, they start raving that this was what the Nazi bastard wanted all along.

Posted by: Michael Andreyakovich at April 24, 2006 3:07 PM

Of the many taxes added on to the price of gas here in The Golden State, there exists an unpublicized one of 8% per each dollar collected. You are right again, o wizard, to exhort us to know we will receive no help from our state government. To be sure, in California at least, as gas prices climb, the state coffers fill. At least the latest tax on cigarettes (the money Rob Reiner used to illegally publicize his latest preschool scheme) is limited to fifty cents a pack.

Posted by: marybel at April 24, 2006 3:35 PM

I can see the outcome of your proposal, Gerard; environmentalists and Republicans living together! Construction in the street! Mass migrations during vacation time! The collapse of the American auto industry as they fail to adapt to the changes! (What can I say, some things just don't change.)

At the same time I must ask, is cheap gas, and all to comes of cheap gas, best for this country?

Posted by: Alan Kellogg at April 24, 2006 4:33 PM

It doesn't, in and of itself, mandate cheap gas, just cheaper taxes.

Posted by: Van der Leun at April 24, 2006 7:35 PM

Is that how the general public will see it?

Posted by: Alan Kellogg at April 24, 2006 11:02 PM

I certainly hope not.

Posted by: Gerard Van der Leun at April 26, 2006 10:51 AM
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"It is impossible to speak in such a way that you cannot be misunderstood." -- Karl Popper N.B.: Comments are moderated to combat spam and may not appear immediately. Comments that exceed the obscenity or stupidity limits will be either edited or expunged.

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