Bloomberg Economist: Gas Tax Holiday "Will Feel Good," But "Counterproductive," Says Obama's Right

[DrFunkenstein]

Clinton Caught in Time Warp With Windfall Oil Tax

Jimmy Carter's in the news again. The former president wants a windfall-profits tax. No wait, he wants the U.S. to recognize Hamas. Hillary Clinton is the one who wants a windfall-profits tax.

It seems that every year, usually just around the time Memorial Day comes into view, a politician demands a tax on oil profits.

(A)s our country's history with the great Windfall-Profit Tax of 1980 amply demonstrates, there are lots of reasons to oppose it. The first is that such taxes tend to yield disappointing revenue.

....

Clinton argues that the windfall tax is valuable because it will subsidize a summer gas tax holiday for drivers. Senator John McCain, the presumptive Republican presidential nominee, has also endorsed a gas tax holiday. Such a break will feel good, but like the windfall tax, may prove counterproductive.

All these missteps by his opponents actually leave Senator Barack Obama looking pretty good. He commented recently on the gas tax holiday, saying ``this isn't an idea designed to get you through the summer. It's designed to get you through the election.''

He's right. In her energy plans, Clinton believes she's found a political windfall. But those plans are so poorly crafted they may prove to be what wipes her out.

http://www.bloomberg.com/apps/news?pid=20601039&refer=columnist_shlaes&sid=ae8vDjPHG6vY

[papau]

1. I agree - Obama is correct & Clinton incorrect on this one-but then Obama ignores dif from McC idea

[TheCowsCameHome]

2. Nuts. I was going to take my $20 and book a flight to Tahiti

You've ruined my whole day.

[Scurrilous]

3. K & R

:thumbsup:

[beachmom]

4. K & R