Al Gore appears in commercial supporting Proposition 87.
Proposition 87 is an initiative appearing on the California ballot that is aimed at stopping California’s dependence on foreign oil. The goal is to cut oil usage by 25% over 10 years while also encouraging new technology that will help eliminate our oil dependancy. How do you think they are going to do this? Well, it’s a measure proposed by Democrats, so that should be your first big clue.
Yes, they will raise taxes. They will tax America oil companies. And the beat goes on.
The Left still clings to the notion that raising taxes does good things – that it encourages positive behavior. I don’t get it. This is capitalism and in such an economy raising taxes on the corporations only hurts the consumer. We’re already paying $3 a gallon for gas with OPEC threatening to cut production even more and these morons want to RAISE taxes on oil companies and thus make us pay MORE at the pump? I guess they can tell us "it's for your own good". And they somehow think this will stimulate research into alternative fuel sources?
Surely not even the people of California will fall for this nonsense. If the 90s proved anything, it’s that R&D is encouraged by lower taxes. The tech boom of that decade was a direct result of the corporate tax breaks from the Reagan era. The ensuing economic collapse of 2000-01 was a direct result of Clinton’s massive corporate tax-hike. Raising taxes on oil companies won’t hurt the oil companies and it won’t encourage more research. It will simply lead to HIGHER prices at the pump, likely industry job cuts and a more sluggish economy.
We ALREADY have the technology. Instead of taxing oil companies, how about building more nuclear power plants? How about setting up financial incentives to increase alcohol-based fuels or biofuels?
I’m all for eliminating our foreign oil dependence. But raising taxes and slowing down the economy is not the way to do it. Good intention, but very bad idea.