I watched Squawkbox on CNBC this morning, where they had a discussion about a windfall profit tax for oil companies. They showed a clip of Grassley (R-IA) saying he believed oil companies should pay 10% of their profits to help the poor meet their heating bills. Asked how he arrived at this figure, he actually said that he got the figure from the bible.The bible says people should tithe 10% of their income. I fell off my chair. Separation of church and state is so far gone, that economic policy is now being set by religious dogma.
Personally, I don't believe in windfall profit taxes. But I also believe we should not be subsidizing the oil companies with our tax dollars, at time when they are making QUARTERLY profits equal to the amount being asked to rebuild New Orleans.
The democrats should demand an immediate recision of the $14.5 billion in subsidies to the oil and gas industry just passed in the republican 2005 energy bill, and start looking for more. Exxon, alone, reported $10 billion in 3rd quater profits. They should be able to pay their operational costs from that. Democrats need to make a point of tying republicans to oil company profits. They need to constantly ask -Who's side are the republicans on - yours and mine, or Exxon's?
Corporate welfare for Big Oil is inexcusable. Democrats need to be the ones to put an end to it. Then move on to Walmart, and ADM, etc. etc. etc.
Oil companies are taking money out of both my pockets. I'm subsidizing their operation costs, and paying market prices. This a true pocketbook issue everyone can understand. It's easy to see who's side the republicans are on. This is the issue that will cause republicans voters to bolt in 2006. Forget Rove, it's Exxon.
