Wednesday, December 3, 2008

Obama Ditches Oil Company Tax

President-elect Barack Obama is not planning to implement a windfall profit tax on oil companies because prices have dropped below $80 a barrel.

"President-elect Obama announced the policy during the campaign because oil prices were above $80 per barrel," an aide on Obama's transition team said according to Reuters. "They are currently below that now and expected to stay below that."

The big question now is what other taxes will Obama raise to replace the revenue not generated from the windfall tax? Don't think for a minute this is an overall tax cut.

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