What to do? Well, do what you do best!
Punishment Tax the Perfect Fix
Of course! It isn't like BP intentionally caused the blow-out. I sincerely doubt that they meant to kill a dozen employees and sink a billion dollar drilling rig. I have no doubt that this is a public relations disaster for the company and a financial burden not only in capital losses but also in repair and recovery costs. They are taking a big hit and certainly appear to be grabbing the burden properly.
So, what's the Bamster's angle? Does BP need to be punished more? Punishment is a judicial function after a court process. It isn't an executive function. Taxing is a legislative function. It isn't an executive function. Ex post facto rule-making and penalty imposition seem to be explicitly prohibited in the Constitution.
Who would pay a tax on domestic oil production from the Gulf?
That would be consumers, wouldn't it?
You and me. That should help the economic recovery!
1 comment:
In the past 30 years of the company's history, Obama has been the biggest recipient of BP campaign contributions:
http://www.politico.com/news/stories/0510/36783.html
Quote:
While the BP oil geyser pumps millions of gallons of petroleum into the Gulf of Mexico, President Barack Obama and members of Congress may have to answer for the millions in campaign contributions they’ve taken from the oil and gas giant over the years.
BP and its employees have given more than $3.5 million to federal candidates over the past 20 years, with the largest chunk of their money going to Obama, according to the Center for Responsive Politics. Donations come from a mix of employees and the company’s political action committees — $2.89 million flowed to campaigns from BP-related PACs and about $638,000 came from individuals.
On top of that, the oil giant has spent millions each year on lobbying — including $15.9 million last year alone — as it has tried to influence energy policy.
During his time in the Senate and while running for president, Obama received a total of $77,051 from the oil giant and is the top recipient of BP PAC and individual money over the past 20 years, according to financial disclosure records.
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