Posted on 08/01/2008 7:04:46 AM PDT by Roberts
Sen. Barack Obama (D-Ill.) on Friday announced an “Emergency Economic Plan” that would give families a stimulus check of $1,000 each, funded in part by what his presidential campaign calls “windfall profits from Big Oil.”
Details are in this six-page policy paper.
The first part of Obama’s plan is an emergency energy rebate ($500 to individual workers, $1,000 to families) as soon as this fall.
“This rebate will be enough to offset the increased cost of gas for a working family over the next four months,” Obama said. “Or, if you live in a state where it gets very cold in the winter, it will be enough to cover the entire increase in your heating bills. Or you could use the rebate for any of your other bills or even to pay down debt
Separately, Obama’s plan includes a $50 billion stimulus package that his campaign claims would save more than 1 million jobs.
Half of the money would go to state governments, which are facing big budget shortfalls, and half would be used for national infrastructure, including replenishing the Highway Trust Fund, rebuilding roads and bridges, and repairing schools.
Obama announced his plan 27 minutes after a Labor Department report showed unemployment hit a four-year high of 5.7 percent in July — the highest rate since March 2004, when it was 5.8 percent.
“We need to do more,” Obama said in a statement. “That’s why today I’m announcing a two-part emergency plan to help struggling families make ends meet and get our economy back on track.
McCain reacted to the surprisingly dour jobs report with a two-paragraph statement: "Across this country, Americans are hurting and today's job numbers are just the latest reminder of the economic challenges we face. ... Unlike Sen. Obama, I do not believe that raising taxes is the answer to our economic problems. There is no surer way to force jobs overseas than to raise taxes on businesses.”
Obama announced his plan for a windfall profits tax on oil companies on June 9 in Raleigh, N.C., as he launched a two-week economic tour after clinching the Democratic nomination.
Friday’s proposal says Obama “is proposing to offset the cost of his emergency energy rebates over the next five years by enacting a windfall profits tax on big oil companies.”
“Obama simply asks that big oil companies contribute a reasonable share of the windfall profits they receive from high oil prices over the next five years to pay for emergency assistance for families right now,” the campaign says.
Stinkin’ %^&%$#& Communist.
For the record, the last rebate promised in May still hasn't shown up, even though we were well below the income level to qualify, even though we filed our tax return in March and even though we have direct deposit.
About the only thing we've got so far is the generic letter everyone got back in May announcing what we were going to get and another last month announcing our refund would be reduced to $750 or so after they get done with their "investigation". So maybe we'll see it in 2015 or so. Meanwhile, my 52 year record of never getting a damn dime from the government remains intact.
After Exxon announced their profits the other day, NBC news had a report about where the profits were going. They said the biggest part was going to investors, but they said it in a way that made it sound wrong for investors to expect profits and dividends.
This is where Republicans and Big Oil are failing. It should be pointed out that millions of shares that are receiving the benifits of these profits are held by individuals, and hundreds of millions of shares are held by IRA’s and (gasp) union pension funds. Therefore if you put a huge tax on these profits you are hurting current and future retirees.
Maybe Obama should announce a tax on foreign oil producers!
FYI
http://www.tbo.com/videoheadlines/news/livestream.shtml
Obama at Gibbs HS speaking about “economic security”.....barf
I love it. He is on a downward spiral, not picking Hillary and now this. The party is splitting.
Is this the first step in the process of the nationalization of “Big Oil”. This guy is really much better suited for some banana republic in Central or South America.
Wow!! Free money!! All you have to do is vote for B[redacted]O. Why stop at $1000? He should make it $100,000. I might even vote for him, then./s
Bush rebates = BAD!
Obama rebates = GENIUS!
/sarc
Obama is an idiot! Exxon/Mobil just paid 3X their record profit in taxes.
Cool, so now everyone’s wife can buy a pair of earrings like Barry’s wife did with their last check.
$4000 credit for college.......along with “community service”... (Obama’s Army?)
WOW! Socialism at it’s worst ....
Vote BUYING:?
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