Tag: windfall profits

My father was fond of asking me if everyone was jumping off a bridge, would I jump. The right answer was always no. Senator John McCain, in a very weak economic speech, offered voters a gas -tax holiday. In my opinion, this was a terrible idea. First of all, it would be difficult for the IRS to enforce a tax that is turned on then turned off. Secondly, it isn’t like gas prices would drop immediately although the public would expect gas prices to drop any day. Many Americans would start driving more, which would increase demand and therefore increase prices.