Please Define What a ‘Windfall Profits’ Tax Is…
By Betsy Newmark
High School History and Government Teacher/Blogger
Liberals like to bleat about the oil companies making “windfall profits” as if there is some point when making a profit is bad. So the Wall Street Journal asks what the definition is of a “windfall profit.” This is important to know because Senator Obama has proposed giving each American family a stimulus check of $1000 paid for by a windfall profits tax on the oil companies. He is presently running an ad touting his plan.
“After one president in the pocket of big oil we can’t afford another,” says the ad, referring to President Bush’s previous work in the oil industry.
Obama hoped to emphasize energy and the economy in campaign stops this week in Michigan, Ohio and Indiana, beginning with a speech Monday in Lansing, Mich. Gas prices over $4 a gallon have become a top issue in the presidential contest.

