August 1st, 2008
10:45 AM ET
6 years ago

Obama calls for windfall profits tax, 'emergency' energy rebate

Obama pushed for his energy rebate plan Friday.
Obama pushed for his energy rebate plan Friday.

(CNN) - Barack Obama said Friday that a windfall profits tax should be imposed on the oil industry to subsidize a $1,000 "emergency" rebate for consumers struggling with surging gas prices.

The rebates had already been announced as part of his tax relief proposal, but the presumptive Democratic presidential nominee said the release of a disappointing jobs report Friday called for the immediate adoption of the plan, which he said would provide a rebate that would “be enough to offset the increased cost of gas for a working family over the next four months."

Listen: Obama's economic advisors describe the plan on a campaign conference call

Obama and John McCain reacted to the latest unemployment numbers released Friday, which show the nation lost 51,000 jobs in June, by attacking each other’s proposed economic fixes.

“Today’s jobs report is an urgent reminder that we cannot afford four more years of the failed Bush economic policies, and that is what Senator McCain is offering,” said Obama in a statement, characterizing the plan as a give-away to corporations and oil companies.

The presumptive Republican nominee plugged his own jobs plan, and said Obama’s proposal represented a return to failed economic policies. "Unlike Senator Obama, I do not believe that raising taxes is the answer to our economic problems,” McCain said in a statement. “There is no surer way to force jobs overseas than to raise taxes on businesses. The American people cannot afford economic policies that will take us backward."


Filed under: Candidate Barack Obama
soundoff (202 Responses)
  1. RealityKing

    How about an Obama windfall tax on Buffet and the other elite progressives? They're the ones complaining about not paying enough taxes...

    August 1, 2008 12:23 pm at 12:23 pm |
  2. MarlinPerkins

    Remember Maxine Waters wanting to socialize(her words) the oil companies? Just guess what will happen when this congress gets this president. If I had an oil company I'd MOVE IT away from the USA.

    Why in the heck aren't these Marxist ideas being challenged?

    August 1, 2008 12:24 pm at 12:24 pm |
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