- Jan 2, 2013
- Reaction score
- Political Leaning
Elizabeth Warren Says the Solution to High Gas Prices Is Higher Taxes on Oil Companies
"Putin's war is causing gas prices to rise, but this is no excuse for large oil companies to pad their...
What she calls "gouging" is actually demand adjusting to supply. She also forgets that higher profit margins strongly incentivize entrepreneurs to supply more of a good to the market thus eventually driving down prices through competition.
Leaving aside the fact that the senator has evidently never met a corporate tax she didn't want to hike, history shows that imposing a windfall profits tax on oil is particularly shortsighted. As part his administration's response to the Iran oil shock that tripled the price of petroleum in 1979, President Jimmy Carter championed the Crude Oil Windfall Profit Tax of 1980."
She persists with this nonsense.The Government should determine how much private companies can make! SMH