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Monday, October 27, 2008

Palin: 'Share the Wealth' by Taxing Oil Companies

I'll wade into the McCain/Palin "Socialism! (Be Afraid!)" silliness for a moment by pointing out an interesting bit of irony hypocrisy uttered by $150,000 Caribou Barbie (TM) the Very Serious Republican Vice President Nominee Sarah Palin back in Alaska:

Just last month, in an interview with Philip Gourevitch of the New Yorker, Palin explained the windfall profits tax that she imposed on the oil industry in Alaska as a mechanism for ensuring that Alaskans "share in the wealth" generated by oil companies. [...]

In fact, Alaska's Clear and Equitable Share (ACES) program, which manages the redistribution of oil wealth in Alaska, brings in so much money that the state needs no income or sales tax. In addition, this year ACES will provide every Alaskan with a check for an estimated $3,200.

As Hendrick Hertzberg notes, "Perhaps there is some meaningful distinction between spreading the wealth and sharing it ... but finding it would require the analytic skills of Karl the Marxist."