Mc-Flip Flop on the Windfall Profits Tax
On May 5th McCain was asked whether he would support a windfall profits tax. McCain responded by talking about the oil companies obscene profits and expressing that he would look at a windfall profits tax.
“I don’t like obscene profits being made anywhere–and I’d be glad to look not just at the windfall profits tax–that’s not what bothers me–but we should look at any incentives that we are giving to people, that or industries or corporations that are distorting the market."
Just over one month later, McCain is going before the oil industry in Texas to attack Barack Obama's energy program, including a proposal for a windfall profits tax.
“So what does Senator Obama support in energy policy? Well, for starters he supported the energy bill of 2005 - a grab-bag of corporate favors that I opposed. And now he supports new taxes on energy producers. He wants a windfall profits tax on oil, to go along with the new taxes he also plans for coal and natural gas. If the plan sounds familiar, it’s because that was President Jimmy Carter’s big idea too - and a lot of good it did us. Now as then, all a windfall profits tax will accomplish is to increase our dependence on foreign oil, and hinder exactly the kind of domestic exploration and production we need. I’m all for recycling - but it’s better applied to paper and plastic than to the failed policies of the 1970’s.”
Don't expect any straight talk from John McCain.
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