Obama's bad idea

Obama's advocacy of a Windfall Profits Tax, while not quite as stupid as a "Gas Tax Holiday", is pretty dumb. In fact, it probably ranks as his worst idea this year. It really is just a mildly inefficient way to mandate that oil companies obscure their true profits and decrease domestic production.

When conservative capitalist ideologues argue that any increase in the marginal tax rate for wealthy individuals will result in those individuals rationally decreasing their economic output, they're full of shit. People don't work that way. Corporations, being the soulless golems that they are, do.

For similar reasons, we should probably get rid of the corporate income tax and replace it with higher taxes on individuals and capital gains.