You read it here first!

All you rich farmers out there, stacking up the big bucks in droves--watch out, they're wise to you.

Yes, that's right. The same liberals who are calling for windfall profits taxes on oil comapnies are now calling for windfall profit taxes on farmers. With oil companies reporting record profits off of $145 a barrel oil, surely farmers, with $12 a bushel wheat and $6.50 a bushel corn--they must be hauling it in too, right?

Wrong. There's plenty wrong with this call, not the least of which is that the windfall profits tax during the Carter Administration, in the last major oil crisis, dried up supplies and led to long lines at the gas pumps. Don't think for a moment that it wouldn't happen again.

The real problem at the bottom of high commodity prices, be it oil, corn or wheat, etc.--is the weak U.S. dollar on global markets. The price of imported oil is much higher just because it takes more dollars to buy it with the weaker dollar. Similarly, foreign countries, with their currency suddenly strong against the dollar, find it quite profitable to swoop in and buy U.S. commodities like corn and wheat at the current inflated prices--with the practical effect of keeping the price up and taking it even higher.

As for as farmers stacking up major dollars that are worthy of a windfall profits tax, forget it. High oil prices means high tractor fuel, high transportation costs to get the crop to market, high fertilizer costs as its made from petroleum.

Those wise heads in Washington that are always on the lookout for more tax revenue--you won't find in farm country, any more than it'll last very long if you tax it, in the oil business.