Oily men - Pittsburgh Tribune-Review: "Gov. Rendell and Allegheny County Executive Dan Onorato continue to prove that they are typical 'tax and subsidize' Democrats ('Onorato backs oil-profits tax,' Feb. 8 and PghTrib.com).
Their latest plan to bail out the financially distressed Port Authority of Allegheny County calls for replacing the existing corporate net income tax on oil companies with a gross profits tax. This confiscation will raise tax receipts more than 10-fold.
Unfortunately, they have a problem -- Hillary Clinton has already staked her claim to oil company profits to fund (i.e., subsidize) alternative energy sources.
I have a hunch that Hillary's confiscation will trump Rendell/Onorato. They might try fleecing steel companies, banks, investment managers, even corn growers (corn futures have just about doubled this past year).
No wealth redistribution politician has dibs on those companies' 'windfalls' ... yet.
Wednesday, February 14, 2007
Dennis McGlone of Gibsonia was credited for this in the Trib: