Now forget for a moment that companies like Exxon already have to pay 35% of their profits to support a government that takes in trillions. Forget the fact that a windfall tax acts as a disincentive for those very companies to invest further. Forget that fact that we enjoy lower gas prices than just about every European country and most Asian countries.
No, the fact is that if we use a company’s stock price for how well it’s performing, a company like Exxon has merely kept pace with the S&P for the past 20 years!
Of course, if you yearn for long gas lines, $5 a gallon gas, and a tax system that penalizes companies for taking risk and doing well, then by all means support a windfall tax. If you want to see America grow and prosper, though, you’ll opt out!
This weekend our Business Block has much more with "The Chartman." Tune in Saturday 10am - noon ET.
Gary B. Smith is a contributing editor for RealMoney.com and a regular commentator on "Bulls & Bears."
Gary B. Smith joined FOX News Channel in 1999 and is currently a regular commentator on "Bulls & Bears," including his own segment called, "The Chartman."