Thursday, December 04, 2008
Obama's Windfall Taxes Shift: First Broken Promise?
December 3, 2008 05:30 PM
The Obama team's decision to drop the idea of forcing oil and natural gas companies to pay a tax on their windfall profits has caused a firestorm among liberals and small business coalitions.
As first reported in the Houston Chronicle, Obama's reference to a windfall profits tax, which he articulated during the campaign at a time of skyrocketing gas prices, had been removed from the transition team's Website, change.gov:
The Guardian Friday April 25 2008
Obama proposed "a windfall profits penalty" on oil selling at or over $80 per barrel. He would invest revenue from the tax in a federal weatherisation, and in programmes to help low- and middle-income Americans pay heating and cooling bills.
He also called for "increased transparency" in oil markets, for an end to tax breaks for oil and gas companies, and said the US should cease purchasing oil for its strategic reserve.