Obama nixes windfall oil profits tax

Obama’s windfall tax on oil company profits was once part of his campaign platform.

Enact a Windfall Profits Tax to Provide a $1,000 Emergency Energy Rebate to American
Families:Barack Obama and Joe Biden will enact a windfall profits tax on excessive oil
company profits to give American families an immediate $1,000 emergency energy rebate to
help families pay rising bills. This relief would be a down payment on the Obama-Biden
long-term plan to provide middle-class families with at least $1,000 per year in permanent tax
relief.

Now he’s changed his mind again – there won’t be a windfall tax on oil companies, which is just as well with oil at $50 a barrel. Presumably there won’t be $1,000 in permanent tax relief to American families, either. All references to the windfall tax have been scrubbed from Obama’s change.gov Web site.

Not that I’m complaining about Obama changing his mind. A windfall profits tax is a retroactive tax. It’s changing the rules after the game is over. It’s an example of what Joseph Sobran meant when he said “‘Need’ now means wanting someone else’s money. ‘Greed’ means wanting to keep your own. ‘Compassion’ is when a politician arranges the transfer.”

I’m glad Obama is breaking his promise, but some of the people who actually voted for Obama because of his promise of a windfall profits tax ain’t so happy.