The Jimmy Carter Tax

Like shag haircuts, polyester leisure suits and the BeeGees, a Seventies fad we don't need to go back to:

With gasoline prices topping $4 a gallon, Senate Democrats want the government to grab some of the billions of dollars in profits being taken in by the major oil companies.
Senators were to vote Tuesday on whether to consider a windfall profits tax against the five largest U.S. oil companies and rescind $17 billion in tax breaks the companies expect to enjoy over the next decade.
"The oil companies need to know that there is a limit on how much profit they can take in this economy," said Sen. Richard Durbin of Illinois, the Senate's No. 2 Democrat, warning that if energy prices are not reined in "we're going to find ourselves in a deep recession."
But the Democrats are going to have to overcome staunch Republican opposition to any new taxes on the oil industry. The five largest U.S. oil companies earned $36 billion during the first three months of the year.
Majority Leader Harry Reid, D-Nev., will need 60 votes Tuesday to proceed with the oil tax legislation in the face of a threatened GOP filibuster. If he doesn't get 60, he likely will pull the bill from the floor.

Michelle Malkin (a former Warren T. Brookes Fellow at CEI) notes that Barack Obama favors this economic nonsense and John McCain has spoken of "obscene profits." So Americans get to choose between two big-government tax-hiking candidates.

Actually, now that I think of it, I actually liked shag haircuts. And "Jive Talking" wasn't half-bad. But this idiotic gas tax still sucks.