The Democrat-controlled U.S. House of Representatives approved a bill that would increase taxes on oil corporations.
Sorry to say that many people will not even realize this.
They are the ones who either never knew or forgot the fundamentals of economics.
Instead of this, they are likely to react with a statement like "These oil companies are bad", which is not true. In fact, if this bill becomes successful in becoming a law, gas prices are likely to touch the sky.
Those who do not know even basic economics are given the responsibility to take decisions. This is the reason why the government ends up with such bills.
When government taxes anything, the tax gets passed to consumer. If you consume oil, YOU become the victim of it.
So, when Democrats increase tax on oil corporations, it will be only you who will be paying that tax. This simple law is applicable to every industry, and is the usual way things work.
Democrats are trying to take advantage of citizens who are ignorant about economics. They are selling them the slogan that a bill like this attacks "big oil's excessive profits."
But, in reality, the citizens who would be harmed by this tax plan would be individuals, big businesses . . . nearly everyone we can think of.
The most annoying part about the bill is that the Democrats realize that increasing taxes on oil companies means harming consumers.
But, still they are trying to do it anyway as they recognize that it sounds supportive.
After knowing about this bill, we must think if Democrats really care about citizens and the gas prices?