Jay began writing politically themed commentary and founded his blog, Swimming Freestyle, in October 2007. Here he'll write about politics from a progressive perspective.

More Articles
Topics

Obama's birth certificate; you can't keep a good conspiracy theorist down

The president's most solemn oath

Auto industry predictions

The case for health care investment

A picture for the day

A Picture for the Day

Status of Force Agreement

Examiner Feeds

These websites were picked by the Progressive Politics Examiner as useful resources.

India admits 'lapses' in attacks

MSNBC Top Headlines - 6 hrs ago

Satriani sues Coldplay for plagiarism

MSNBC Top Headlines - 6 hrs ago

Al-Sadr movement seeks reinvention

MSNBC Top Headlines - 6 hrs ago

Washington reportedly to name USC's Sarkisian coach

MSNBC Top Headlines - 8 hrs ago

Tomlinson, Rivers help Chargers rout Raiders

MSNBC Top Headlines - 10 hrs ago

News

Opinion

Progressive Politics Examiner Links

swimming freestyle

National Examiners

J.D. Tuccille
Civil Liberties Examiner
Most Recent Article
Celebrate the repeal of Prohibition -- and let's finish the job

Big Red Boots
Caffeine Examiner
Most Recent Article
Zipfizz energy - Decent shots for beginners

Darrell Proctor
Employment News Examiner
Most Recent Article
U.S. companies cut 533,000 jobs in November

Ruth Manuel-Logan
Auto Examiner
Most Recent Article
Holiday automotive gift guide for Mr. or Mrs. Auto Fix-It

Angele Sionna
Early Childhood Parenting Examiner
Most Recent Article
Christmas Countdown Digital Advent Calendar: 20- Personalized stockings

Examiner is growing in Los Angeles

We are seeking writers...

Family & Parenting

Business & Finance

View All »

Arts & Entertainment

Health

Sports

Ready to join us? Learn More »

Windfall Profit Tax Defeated

1 comment

June 10, 10:22 AM

by Jay McDonough, Progressive Politics Examiner

It won't be coming out of the Senate.

Senate Republicans blocked a proposal Tuesday to tax the windfall profits of the largest oil companies, despite pleas by Democratic leaders to use the measure to address America's anger over $4 a gallon gasoline.

The Democratic energy package would have imposed a tax on any "unreasonable" profits of the five largest U.S. oil companies and given the federal government more power to address oil market speculation that the bill's supporters argue has added to the crude oil price surge. (Link)

I wrote a while back about the inequity and ineffectiveness of taxing windfall profits, particularly as it relates to alleviating the pain at the pump high gas prices are causing. First, you can't very well penalize the oil companies for engaging in pure capitalistic practices and second, any increased taxation on oil companies would be paid for by customers at the pump.

That said, eliminating some of the oil industry tax loopholes and credits would raise sufficient funds to do some serious alternative energy development.

The oil industry is being short sighted here. They can either decide to milk the oil reserves dry and miss out on taking a lead position on the development of alternative fuels, or they can get on board and position themselves as industry leaders in the manufacture and marketing of the next wave(s) of energy sources.

The problem is that the oil companies have all the "hand" at this point. It will require some big time cojones on the part of American politicians to challenge that power.

Feed

Comments

Obama's birth certificate; you can't keep a good conspiracy theorist down

8 comments

December 4, 3:24 PM

Did you know the Apollo 11 moon landing was faked by NASA?Did you know 9/11 attacks were orchestrated by the U.S. government?Did you know the government manages Area 51, where alien spacecraft and its occupants are being studied?Well, maybe you don't... Read More

The president's most solemn oath

1 comment

December 4, 2:12 PM

On January 20, 2009 Barack Obama will take the following oath and become the 44th president of the United States:"I do solemnly swear (or affirm) that I will faithfully execute the office of President of the United States, and will to the best of... Read More
Topics: Torture , Bush , Mukasey

Auto industry predictions

Add a Comment

December 4, 11:35 AM

Phil LeBeau from CNBC made some predictions the other day about the U.S. auto industry. A couple:1. Chrysler will be sold.This isn't hard to imagine. The company is a shell of what it once was, it has just enough cash to stay out of bankruptcy,... Read More

The case for health care investment

Add a Comment

December 4, 9:26 AM

Given the precarious state of the economy and the huge investment being made to keep Wall Street afloat, some have argued any move to implement universal health care is ill-timed. Jonathan Gruber, in an op-ed piece in today's New York Times, argues... Read More

A picture for the day

1 comment

December 3, 5:16 PM

Beijing, China: A newborn baby holds onto his mother's finger at a hospital (Photograph: Frederic J. Brown/AFP/Getty Images) ... Read More

UAW offers concessions to automakers

Add a Comment

December 3, 3:49 PM

The United Auto Workers announced today their willingness to make contract concessions to assist the troubled Big Three automakers in winning loan guarantees from the federal government. The UAW will agree to delay the autoworkers contribution... Read More

Subpoenas issued in Justice probe

Add a Comment

December 3, 3:09 PM

Attorney General Michael Mukasey appointed an independent prosecutor, Nora Dannehy, two months ago to investigate the dismissals of nine U.S. attorneys. Mr. Mukasey's move was initiated following an internal Department of Justice review that concluded... Read More

Retired officers want torture revoked

Add a Comment

December 3, 11:59 AM

The other day I noted a Washington Post op-ed, written by a former interrogator, arguing for an end to the use of torture by American forces. I included this comment:After reading much on the topic, it seems that the great majority of career military... Read More