The money you get when coming into sudden wealth, whether through a lawsuit settlement, business sale, entertainment or sports contract, or stock options, can disappear in a hurry if you don't manage federal and state income taxes correctly.
The promise was displayed prominently at the top of the "economy" section of Obama's campaign website. However, the language regarding the windfall profits tax vanished in an unceremonious and abrupt manner.
In 2008, President-elect Obama proposed a windfall profit tax on oil companies. When oil later dropped below $80/barrel, his staff declared the tax was unnecessary. But this week, oil rose above the $80 mark again. What next?
North America should forget a continental energy policy which will guarantee its economic pre-eminence -- but this will only work if the US imposes strict conservation and Mexico changes its oil policies immediately.