Friday, February 05, 2016

Do we need to talk about Obama’s $10-per-barrel oil tax proposal?

Do we need to talk about Obama’s $10-per-barrel oil tax proposal?
It was dead before it even hit the House. "Every analysis of Trumpmania or Berniemania includes a requisite passage describing wage stagnation among the middle class over many years and the inevitable backlash that’s now provoked on the left and right. Finally, the middle class catches a tiny break economically with plummeting gas prices … and here comes Obama to propose screwing them on that too with one of the most regressive taxes he could realistically propose. Am I taking crazy pills? Americans can’t possibly be so stupid as to think this tax would be absorbed by oil companies and not passed on to consumers at the pump, can they? Can they? What’s Obama’s game here? Is it just a pander demagoging “Big Oil” that assumes voters don’t understand how taxes work? Is he laying down a “legacy” marker so that historians can say he gave it the ol’ college try on raising revenue for infrastructure spending and clean energy? Is he just pranking Sanders and Clinton by forcing them to explain to voters why recapturing the average joe’s small savings on gas for the federal leviathan is worth doing? It’s one thing to take a political risk when the policy is worthwhile and has a chance of passing. Why do it when it doesn’t?"

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