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Taxing oil profits: Proceed with caution

Article Link   18 Views   5 Visits   By PhireHawk on May 11 2008, 8:19 pm
money.cnn.com -

NEW YORK (CNNMoney.com) -- Politicians are eyeing oil profits like a fat juicy glazed ham.

Withall the money Big Oil is making - the top five publicly traded firmspocketed over $120 billion in 2007 alone - and with an election on thehorizon, it's easy to see why.

The leading Democraticpresidential candidates want a windfall profits tax to do variousthings, and although their plans differ slightly they generally want touse the money to give Americans a break from skyrocketing energy pricesand jumpstart research into renewable energy.

Member Comments
They need to at least take away the subsidies for Big Oil. Huge profits & huge government handouts...mean while we have real infrastructure problems we could be fixing with that money.

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