Betsy's superior examination of this subject makes her a woman after mine own heart.
Liberals like to bleat about the oil companies making "windfall profits" as if there is some point when making a profit is bad. So the Wall Street Journal asks what the definition is of a "windfall profit?"
For comparison, Warren Buffett's Berkshire Hathaway 2007 profit was 11.47%. Google's 2007 profit margin was a consumer gouging 25.3%!
By industry: "Chemicals had an average margin of 12.7%. Computers: 13.7%. Electronics and appliances: 14.5%. Pharmaceuticals (18.4%) and beverages and tobacco (19.1%) round out the Census Bureau's industry rankings."
But the current high profile scape goat for all the rope-a-dopes is evil Exxon Oil with a 2007 profit margin of 10%.
Betsy continues:
This is important to know because Senator Obama has proposed giving each American family a stimulus check of $1000 paid for by a windfall profits tax on the oil companies. He is presently running an ad touting his plan.
So. What is a "windfall profits" tax? A plain & simple way for petty tyrant politicians to further consolidate their vote buying power through income redistribution.
Marx & Engels would be proud.
