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The Attack on Profits

Recorded on March 30, 2012

From The Heritage Foundation, I'm Ernest Istook.

President Obama and Senate Democrats claim we should end tax breaks for oil and transfer that money to alternative energy companies.

That would mean even-higher prices for gasoline. And what they call oil subsidies is mostly the identical tax treatment that other companies receive. There are some oil-only tax breaks, but subsidies for wind and solar power are 1,000 times higher for each unit of energy produced.

Other big companies make enormous profits just like big oil. They include Apple, IBM, Google, Coca-Cola, AT&T, Wal-Mart, even Proctor & Gamble, and many more.

If the goal were equal treatment, we'd raise their taxes, too, and transfer the money to their competitors.

This is not about equal treatment; it's about turning some companies into villains, so politicians can take from them and give that money to their supporters.

From The Heritage Foundation, I'm Ernest Istook.