Yes that's a rhetorical question.

The California State Assembly is considering legislation to impose a windfall profits tax on oil producers. Their plan levy a 2% tax on oil company income of more than $10 million.

The bill was sponsored by Democrat Assemblyman Johan Klehs.

"The only thing I can think of why prices are going up is pure and simple greed," he said. "The way oil companies can avoid paying this tax is reducing the price of gas at the pump."

The oil companies have a real easy way to avoid paying this tax. They will do it the same way the avoid paying every other tax. They will add the cost of the tax to the price of gas and make the consumer pay.

The end result, the oil company will continue to make a profit, the price of gas will go up, the state will collect more taxes. The only people being penalized are the consumers.

Posted by: Stephen Macklin at 02:41 PM | Comments (3) | Add Comment