Obama ad calls for return of windfall profits tax

RCP ^ | 8/4/08 | Tom Baum

[pissant]

Barack Obama's campaign will begin running a television ad Monday that attacks Republican John McCain's energy policies.

"After one president in the pocket of big oil we can't afford another," says the ad, referring to President Bush's previous work in the oil industry.

Obama hoped to emphasize energy and the economy in campaign stops this week in Michigan, Ohio and Indiana, beginning with a speech Monday in Lansing, Mich. Gas prices over $4 a gallon have become a top issue in the presidential contest.

Obama's spot trumpets his proposal to revive a windfall profits tax on energy companies and asserts that McCain favors tax breaks for the oil industry.

"A windfall profits tax on big oil to give families a thousand-dollar rebate," an announcer in the ad says.

Obama has pushed for such a tax to fund $1,000 emergency rebate checks for consumers besieged by high energy costs.

Congress enacted a windfall profits tax in 1980, during an earlier era of high oil prices, but repealed it in 1988 amid concerns the tax was discouraging domestic oil development. Last year, the House approved $18 billion in new taxes on the largest oil companies, but they were blocked by Republicans in the Senate.

[pissant]

Sure Barack. I'm sure the oil and gas companies will just eat that tax and not pass it directly on to the consumers. /s

[Mikey_1962]

He wants to raise taxes, which will be passed on to consumers as higher gas prices, to give income tax rebates to people who pay no income taxes, to offset the higher gas prices.

And windfall profits taxes worked so well under Carter.

What a jackass.

[libs_kma]

"Sure Barack. I'm sure the oil and gas companies will just eat that tax and not pass it directly on to the consumers. /s"

That's what has me scratching my head. The dims have to know that will happen. So what's the Dim answer when it does?

Tax them more so they can raise prices more?

[DGHoodini]

Comunism...Tje government robbing select groups of the people, of the fruits of their labors, to bribe others with them. Obama believes the Government owns the people, and all they possess, and can take it away from then, any time the “Ruling class” wants to.

[rjsimmon]

That's what has me scratching my head. The dims have to know that will happen. So what's the Dim answer when it does?

Of course they know that the companies will pass this on to the consumers. What they also know is that the average consumer has no clue as to how economics works. They count on the ignorance of the masses.

[CMailBag]

We will need that $1000 to pay for $10/gal gas.

[thackney]

Like oil companies don’t pay enough taxes already:

ExxonMobil 2007
Revenue $404.6 Billion
Profit $40.6 Billion (10.0%)
Taxes $102.5 Billion (25.3%)

Sales-Based taxes $31.728B
Other taxes and duties $40.953B
Income taxes $29.864B

2007 Financial & Operating Review
http://www.exxonmobil.com/corporate/files/news_pub_fo_2007.pdf
Page 16

- - - - - - - - -

ConocoPhillips 2007
Revenue $194.5 Billion
Profit $11.9 Billion (6.1%)
Taxes $30.4 Billion (15.6%)

Taxes other than income taxes $18.990B
Income taxes $11.891B

2007 Annual Report
http://www.conocophillips.com/NR/rdonlyres/3838234F-F20C-4BCE-AE8D-78DE29D67455/0/07RevisedARfinal.pdf
Page 60

- - - - - - - - -

Chevron 2007
Revenue $220.9 Billion
Profit $18.7 Billion (8.5%)
Taxes $35.7 Billion (16.2%)

Taxes other than income taxes $22.266B
Income taxes $13.479B

2007 Annual Report Supplement
http://media.corporate-ir.net/media_files/irol/13/130102/reports/CVX_ARsupp07.pdf
Page 3

- - - - - - - - -

Marathon 2007

Revenue $62.8 Billion
Profit $4.0 Billion (6.3%)
Taxes $8.5 Billion (13.5%)

Consumer excise taxes $5.163B
Other taxes $0.394B
Income taxes $2.901B

2007 Annual Report
http://www.marathon.com/content/documents/investor_center/annual_reports/annual_report_2007_book.pdf
Page F-4

[ClearCase_guy]

What do these companies do with their "obscene" profits? They expand their business, they hire people, and they give them good jobs at good wages.

Obama is trying to curtail their ability to do that.

[randita]

Congress enacted a windfall profits tax in 1980, during an earlier era of high oil prices, but repealed it in 1988 amid concerns the tax was discouraging domestic oil development.

Today's Democrats WANT to discourage domestic oil development, then blame it on the oil companies.

[misterrob]

McCain needs to run an ad that compares Obama to Carter and make the case that we do not want to go back to those days.

[misterrob]

McCain needs to run an ad that compares Obama to Carter and make the case that we do not want to go back to those days.

[misterrob]

McCain needs to run an ad that compares Obama to Carter and make the case that we do not want to go back to those days.

[misterrob]

Ooops!

&*#%^#

[randita]

So what's the Dim answer when it does?

Some Dims have already leaked their goal (psst-nationalizing the oil industry) - Maxine Waters, for one.

http://www.wnd.com/index.php?fa=PAGE.view&pageId=65111

[screaminsunshine]

The oil companies...AND all other companies too. Communists dont like private ANYTHING...

[Jeff Head]

Obama is a marxist whose ultimate goal, like the democrats in congress, is government control of the oil industry.

OBAMA'S DIVERSE VISION OF AMERICA



THE AUDACITY OF TRUTH ABOUT BARACK HUSSEIN OBAMA'S CIRCLE OF FRIENDS

NOBAMA MOVEMENT SPREADS ACROSS THE NATION

[screaminsunshine]

bUT AN AD COMPARING oBLAHMA TO cASTRO OR cHAVEZ WOULD BE SO MUCH MORE APPROPRIATE..

[scooby321]

what if you own stock in these companies? Pension funds, 401 K or living off the dividends? First you lose your dividends , then your stock value is lost.

[edzo4]

[anita]

Obama shows McCain with Bush on that ad:

Here 's what Bush said 8 years ago, while accepting the nomination:

I believe the presidency, the final point of decision in the American government, was made for great purposes. It is the office of Lincoln’s conscience, of Teddy Roosevelt’s energy, of Harry Truman’s integrity and Ronald Reagan’s optimism.

For me, gaining this office is not the ambition of a lifetime, but it is the opportunity of a lifetime, and I will make the most of it.

I believe great decision are made with care, made with conviction, not made with polls.

I do not need to take your pulse before I know my own mind.

I do not reinvent myself at every turn. I am not running in borrowed clothes.

When I act, you will know my reasons. And when I speak, you will know my heart.

I believe in tolerance, not in spite of my faith, but because of it.

I believe in a God who calls us not to judge our neighbors but to love them.

I believe in grace because I’ve seen it, and peace because I’ve felt it, and forgiveness because I’ve needed it.

I believe true leadership is a process of addition, not an act of division.

I will not attack a part of this country because I want to lead the whole of it.

McCain should be proud to have Bush linked with him.