Friday, July 06, 2007

Easy Life

July 6 - The Christian Science Monitor on "Al Gore's inconvenient tax" -
wants to replace the current payroll tax with a consumer tax on fossil-fuel use.

This "carbon tax" would, of course, raise the price of gasoline and home heating/cooling. And it would put the burden of generating the same level of federal revenues on consumers while reducing the tax burden on labor and capital (workers and employers). Unless the poor get a break on this consumption tax, it will hit them harder than wealthier folks.
Of course, it has nothing to do with the sale of Elk Hills Reserves to Occidental Petroleum under the Clinton administration for a bargain basement price tag of $3.65 billion.

Before the sale of Elk Hills, Algore controlled between $250,000-$500,000 of Occidental stock (he is executor of a trust that he says goes only to his mother, but will revert to him upon her death). After the sale, Gore began disclosing between $500,000 and $1 million of his significantly more valuable stock.

The Gore family history with Occidental Petroleum began with Gore, Sr. Two years after Gore Sr. was defeated in a bid for re-election to the Senate, he joined Occidental as a member of its board of directors and was rewarded with a $500,000 a year job working for an Oxy subsidiary.

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