Brent Budowsky proposes a windfall tax on Oil Companies

LSK

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Wed Jan-23-08 03:56 PM
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Brent Budowsky proposes a windfall tax on Oil Companies

"First, there must be a six-month freeze on foreclosures. If another million homes are foreclosed upon, the stimulus will be swept aside under a tidal wave of trouble.

Shame on the political media, with pundits interminably blathering about campaign tactics and bad predictions, without any substantial discussion of the economic dangers and solutions.

Second, the Fed must restore its credibility with decisive action, immediately, to cut interest rates by at least 100 basis points.

Third, I propose a one-time, $1.5 billion profits tax on oil companies. $1 billion would fund an employment tax rebate for small businesses hiring new workers. $500 million would fund aid to homeless vets, bonuses for troops returning from combat and public service grants to fixed-income grandparents and retirees who help poor, ill and orphaned kids."

http://thehill.com/brent-budowsky/the-economic-crisis-2008-01-22.html

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aquart

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Wed Jan-23-08 04:16 PM
Response to Original message

1. $1.5 billion is pocket change. Up it.

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TornadoTN

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Wed Jan-23-08 04:19 PM
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2. A good start

1.5bn is a low figure when we consider their overall profits and gouging at the pump, however, I'll accept it as a good place to start.

At this point I'm not sure we can afford to squabble over how much because any sizable amount is money we sorely need to try to A.) Keep this economy from crashing and burning entirely and B.) Start working toward a sustainable, growing economy for all Americans.

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fasttense

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Wed Jan-23-08 04:27 PM
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3. I heard Brent on Randi's show and was looking for his article.

Thanks for the link:)

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LSK

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Wed Jan-23-08 04:36 PM
Response to Reply #3

4. thats how I got the tipoff

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