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Tuesday, February 13, 2007

U.S. News: Why Not a Windfall Profits Tax on Google?

Interesting article in U.S. News & World Report:  Should Uncle Sam Take Oil Company Profits?, by James Pethokoukis:

How about a windfall profits tax on Google? It's an idea that came to me after watching a video of Sen. Hillary Clinton, speaking at the Democratic National Committee's winter wing-ding, apparently call for the confiscation of oil company profits. As the front-runner for the 2008 Democratic presidential nomination put it:

The other day the oil companies reported the highest profits in the history of the world. I want to take those profits, and I want to put them into a strategic energy fund that will begin to fund alternative smart energy ... technologies that will begin to actually move us toward the direction of independence.

Why stop there? Why not confiscate a portion of Google's fat annual profits–the company's 2006 earnings were some $3 billion on revenue of $10.6 billion–and use it for some relevant national goal?

http://taxprof.typepad.com/taxprof_blog/2007/02/usa_today_why_n.html

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Comments

Why not confiscate all profits, and have politicians, such as Hillary Clinton, decide how and where those profits should be invested? I'm sure Hillary's accumulated wisdom qualifies her for such an authoritative role. After all, she once turned a $1,000 speculation on cattle futures into $100,000. Imagine what she could do with the taxing power of the government behind her.

Posted by: Forbes | Feb 13, 2007 10:31:16 AM

The key word in Sen. Clinton's statement is "take." It reveals her economic agenda. Vladimir Putin smiles. If only the presumptive 2008 Democratic candidate could be so assertive about taking the oil profits of the Islamist regimes that would destroy our nation, given the chance.

Posted by: Jake | Feb 13, 2007 7:05:43 PM