Sen. John McCain (R-AZ) is campaigning on a tax plan that includes budget-busting tax cuts for oil companies and large corporations. He made a pledge to raise “no new taxes,” and believes that higher taxes on oil company profits are “dangerous.”
However, his running mate, Gov. Sarah Palin (R-AK), saw nothing dangerous about raising taxes on the profits of oil companies.
In a statement released after signing the tax bill, she said the tax increase would give Alaskans “an equitable share for our resources”:
By receiving an equitable share for our resources, we are now in a position to demand more accountability and seize opportunities to save for future generations.
The Seattle Times wrote earlier this month that the higher tax “helped push the state’s total oil revenue — from new and existing taxes, as well as royalties — to more than $10 billion, double the amount received last year.” Sen. Barack Obama (D-IL), unlike McCain, has proposed a windfall profits tax on oil companies.
Make no mistake – Palin is still a champion for Big Oil, who favors drilling in the Arctic Wildlife Refuge over developing alternative energy. Still, will McCain embrace Palin’s profits tax as oil companies rake in record amounts? Or will Palin disavow her past to aid McCain, the oil companies’ “million dollar maverick?”