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. v.a.

    disappointing jobs report? under the bush administration? NOOOOO....

    surprise surprise. let's pack up and move overseas folks.

    August 1, 2008 11:10 am at 11:10 am |
  2. Jamaal Kansas

    Obama actually proposes policies while Mcsame Just Attacks Obamas there is a clear choice this election and The American People would be stupid if they did not take the Opportunity

    August 1, 2008 11:11 am at 11:11 am |
  3. elliott

    same old liberal tax and spend policies.....nothing new here.......

    August 1, 2008 11:12 am at 11:12 am |
  4. Keith

    I'll bet he's glad he voted for the Cheney Energy Bill now. He's more like Bush than Bush!

    August 1, 2008 11:13 am at 11:13 am |
  5. Former Repub

    There you go OBAMA!! Stick to the Issues and leave McCain and his Britney spears campaign in the Wilderness!!
    This is what america cars about.
    I could use $1000 dollars right about now....

    August 1, 2008 11:14 am at 11:14 am |
  6. A Nightingale Sings in Berkley Square

    "The American people cannot afford economic policies that will take us backward, and what happened to Matlock?" – McBush

    That's why we need to vote for Obama, thanks for making our point grandpa.

    August 1, 2008 11:15 am at 11:15 am |
  7. Jose'

    Welcome to the United Socialist States of America.

    Don't say we didn't warn you.

    August 1, 2008 11:15 am at 11:15 am |
  8. Greg Pottstown, Pa.

    A vote for Obama is a vote for the redistribution of wealth. What is the point of working hard Obama will make sure that you make the same amount of money no mater if you have a degree or not or a job or not. That is not what America is about.

    August 1, 2008 11:15 am at 11:15 am |
  9. Griff

    The Socialist Obama, will never get close to any funds. They will be invested out of the Country.

    August 1, 2008 11:15 am at 11:15 am |
  10. Neal

    No one deserves to be rich while millions starve.
    And for those who are getting rich off of war, or by taking advantage of the others, you better hope there's no god.
    Also, you should know, eventually the poor will revolt and and punish you children or grandchildren for you greed. A la Robes Pierre. Kind of an old story that.

    August 1, 2008 11:15 am at 11:15 am |
  11. Mike Jones

    Socialism, here we come..........

    August 1, 2008 11:16 am at 11:16 am |
  12. Angela Frazier, Memphis TN

    Is it my imagination or did gas price drop when Obama went to Europe?

    August 1, 2008 11:16 am at 11:16 am |
  13. MR-TN

    THAT'S HOW YOU SCREW THE MCCAIN CAMPAIGN!

    TALK ABOUT SUBSTATIVE ISSUES, LINK THIS!

    THE REPUBLICANS HAVE NO PLATFORM EXCEPT TO SCARE PEOPLE TO VOTE FOR THEM!

    DOES ANYONE KNOW WHAT MCCAIM STANDS FOR?

    IT IS SAD TO SEE THIS HONORABLE MAN, TURN INTO A "STEPFORD WIFE" FOR THE CONSERVATIVE CRAZIES ON THE RIGHT.

    August 1, 2008 11:16 am at 11:16 am |
  14. Natasha

    LET THE DEBATES BEGIN!!!!!!

    OBAMA'08

    August 1, 2008 11:17 am at 11:17 am |
  15. Independent

    51,000 jobs? How many jobs were sent overseas since the Clinton/ Bush trade policies were implemented? 1 million, 2 million, 10 million. Oh yes, there is no way to track that figure because corporations are not required to report it. It's not just grunt work anymore folks, it's HR, Accounting, Medical, Legal, IT, ect – anything that can be shipped out of the country is going.......and quickly.

    August 1, 2008 11:17 am at 11:17 am |
  16. Cook

    More tax is all Obama knows. Who does he think will pay the tax? We will.

    Drill for more oil and conserve. That will bring prices down as it did in the 70's.

    Doesn't anyone read history or learn from it?

    August 1, 2008 11:18 am at 11:18 am |
  17. Ted - Ohio

    Thanks Senator Obama for bring the discussion back to the issues. We need an adult debate on the state of the American economy and foreign policy.

    Not this time!!!!

    August 1, 2008 11:18 am at 11:18 am |
  18. Ms. RDS

    This is what i don't understand....if the country is doing so horribly BAD under the Bush economic policies, how can continuing to keep these policies in place help. How can keeping tax cuts for business in place help, obviously they're not working b/c unemployment is UP. So people aren't using that good ol tax saving to invest in more jobs for workers. McCain plans make absolutely no sense, as he likes to state he's been in Congress for 26 years...AND THIS IS THE BEST PLAN YOU CAN COME UP WITH. Is this what experience will get us? Is this the plan that a "great leader" comes up with...Is his campaign a joke, is Ashton Kutcher going to come out and say that we've been punked this election cycle. ONE CAN ONLY HOPE!

    August 1, 2008 11:18 am at 11:18 am |
  19. edw

    With both Exxon and Chevron making billion dollar profits something needs to implemented. The Republicans such as Ted Stevens have been getting their cut from the oil companies for a long time. Time for this mess to stop.

    August 1, 2008 11:18 am at 11:18 am |
  20. Mark Lodes

    TAX THE RICH! They don't mind. TRUST ME, EVEN WARREN BUFFET DOESN'T MIND. Read the news.

    August 1, 2008 11:19 am at 11:19 am |
  21. Tom in S.A.

    Oh my gosh, did Obama attack McCain, no you libs, which 90% on cnn are, will say he didn't, it's just politics, but McCain fired back, is that a smear tactic or politics.

    Obama needs to come up with something better than 4 more years of Bush, that's all he's got. For those of you who follow, McCain is not like Bush, some things but not all, so please quit using Bush as your scapegoat, last I checked he isn't on the ballot.

    August 1, 2008 11:19 am at 11:19 am |
  22. Mike Jones

    The Oil companies (AKA Big Oil) make an 8% profit margin off of Oil Sales, and thats after they find it, refine it, and ship it to the gas stations. Our goverment makes almost a 15% profit margin in the form of taxation, Why don't we just take the tax the Goverment with a "windfall tax" and not take it from the citizens to begin with....

    August 1, 2008 11:19 am at 11:19 am |
  23. Wendy, IN

    Sounds like my next POTUS. I can not wait to vote for this man. I am so excited about this election, like none other.

    Thank you Dems for giving me a candidate I can believe in.

    O/08

    August 1, 2008 11:19 am at 11:19 am |
  24. Patrick Henry, Fort Myers

    Windfall profits?
    If you want to charge a windfall tax–don't charge an industry whose actual profits–did not meet predictions.

    How about going after businesses whose profits exceeded predictions–that is a windfall, especially if it's in the double digits. Tax the windfalls to debt collection agencies, cell phone companies, internet providers/search engines, movie corporations, and fast food restaruants, and large retailers/wholesale clubs.

    Don't forget the federal governement–whose taxes because of increased use of the above–amounted to a windfall as well.

    I can't believe this guy is so desperate he is tapping the hatred of the oil industry–to unfairly target them while at the same time offering the nation a $1000 per family bribe pay-off to vote for his socialist and impaired view of how the world should be!!!

    August 1, 2008 11:19 am at 11:19 am |
  25. tidho

    'windfall taxes' is absolutely idiotic.

    Corporate earnings are already taxed twice.

    If you raise taxes they will either raise prices, slash R&D (largely alternative fuel based) or cut jobs. This is an energy policy?

    ...Pathetic.

    August 1, 2008 11:19 am at 11:19 am |
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