(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."
Are all of you blind? Who does he think he is "Robin Hood"? Take from the "Rich" and give to the "Poor". That is his "Scare Tactic" and the youth of this country actually believe in it.
The thing i cant understand is mccain was against off shore drilling and is now for it, Mcain said he will not raise taxes now he says he may and its not off the table how does mccain plan on balancing the budget? From what i understand its going to cost lots of money to drill with equipment, refineries etc mccain just confuses me more and more!!
WINDFALL PROFITS TAX? If Obama is so smart to think that this will work, well, he is not qualified for president. What companies will do is move their headquarters to other countries, as many are already doing...
John McCain offers summer gas tax break = 30 bucks savings.
Barack Obama offers winfall profits tax on big oil = 1000 bucks in the pocket.
One takes money from our infrastructure. The takes money back from the profiteers.
Which plan do you like?
Good idea, make the oil companies help the people they're hurting!
Greg Pottstown, Pa. August 1st, 2008 11:15 am ET
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.
Yea Greg, you are right. How dare the poor demand some of the wealth the rich just keep getting everyday!
I can't wait until I am as rich as you, and then I will get all the tax breaks and support.
DESTROYING THE BEST CANDIDATE THAT CAUSED THE DIVISIVE THING THAT CAME OUT. HE IS GONNA LOOSE IN NOVEMBER?
I love this crap.... Let me use other people's money to BUY YOUR VOTE BY PROMISING A $1,000 "EMERGENCY" REBATE.
This is nothing then BUYING PEOPLE'S VOTES!!!!
Communists and Marxist live for this stuff.... Wait even the Communists CHINA and RUSSIA are embracing Capitalistic principals. WHEN WILL WE???
How is taxing windfall profits that are way out of control and giving it back to the people socialist?!?!? That's insane.
You go Obama. He's right. This would be a great plan, unlike a stimulus package where there is no way to get the money and we just go farther into debt.
I'm cracking up at the commentors claiming Obama's a socialist, when their lord and master George W Bush just sent them all a stimulus check.
I guess they all sent theirs back?
McCain..McCain....McCain.....Please tell me what you propose to do instead of complaining about what Obama proposes to do. Socialism? sounds like fear. There are subsidies throughout our democracy. Oh! I know, lets give more tax breaks to oil companies and allow more drilling.....to increase their already record profits. Profits are the American way! this is obscene. American values are steeped in caring for one another, period, regardless of politics. Citizens are committed to country and business is enslaved to shareholder and profits. But there is a balance. Voters need to understand that both parties raise taxes and give tax cuts..based upon....Voters, kickbacks self interest race income status religon...or whats good for America?
When is Obama going to put a windfall tax on China??
Republicans are lap dogs for the Chinese. They are borderline communist! And they have the nerve to call Obama a socialist!
HA NeoCon fools! You have no arguement
These socialists should be ashamed of themselves. Let's tax a company with a profit margin around 8.4% That doesn't make any sense. There are companies far more profitable than Exxon, leave the big oil companies alone. Without them, this country would be nothing.
Hey, look at this...Obama is talking about real issues again today. McCain should give that a try.
obama = the people's champ!
mccain = bush's puppet?
Cook August 1st, 2008 11:18 am ET
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?
Who do you think is going to pay for the cost of more drilling? The oil companies??? Think again.
Obama will be looking for a windfall tax from all of us next..
What is wrong with charging a windfall profits tax to the oil companies?? They're obviously price gouging and John Q. Citizen is paying the price so that he can keep his job and continue to pay taxes. When was the last time any honest, ethical company made $1485.55/second?? We are at their mercy (yes, partly because the fools in Congress and the Bush morons won't address replacement energy). Why shouldn't they have to give back to the community?????
This is a great idea.. NOT!!!
Putting a winfall profits tax on the oil compaies will only RAISE the price of gas at the pump even more and if you don’t believe that you’re a total idiot. I know it’s hard for you liberals to use logic since you don’t use your brains very much but this VERY simple example will hopefully make you think. Just imagine you own a company & every year you make about $100,000 in profit. The government comes along & says to you “We think you are making entirely too much money, we’re going to tax you an extra10% more” So now you’re only going to make $90,000 in profit. Are you going to:
A) be happy with that and say “Aw shucks, they are right I was making way too much money”
B) you are going to raise the price of whatever goods or services you provide to make up the difference?
If you say A you’re a liar! If you say B, welcome to the Republican Party!!!
I'm sure that the oil industry is going to love sharing their record profits with the American people....call it a windfall profit tax or emergency energy tax........but it is what the oil corporation call profit sharing......and if you don't have stock shares......you just don't get your share........you just get "sucked" at the pumps.
A tax rebate does not pay for anything! A tax just changes who pays for it!
Someone has to pay the tax and someone has to receive the rebate. So, please do not say that tax rebate will pay for something.
When you have entitlement programs, you take from soneone and you give to someone else. I would like to see a break down of who gives and who recieves, broken down by political party.
I think this would be enlightening! I also want to second the wonderful comment by Mike Jones; the government is making a lot more money off of oil then any of the oil companies. So who really has the windfall profit?
I AM SICK OF SO CALLED LOW INFORMATION VOTERS THINKING THAT OFF SHORE OIL DRILLING WILL DO ANYTHING TO LOWER GAS PRICES...... GEEZ, GET EDUCATED, OIL IS TRADED AS A GLOBAL COMMODITY, YOU CAN'T SUPPLY ONLY TO BE USED REGIONALY UNLESS YOU ADVOCATE PRICE CONTROLS. OFF SHORE OIL DRILLING WILL PRODUCE AN ADDITIONAL 1 MILLION BARRELS A DAY INTO THE WORLD MARKET OR ABOUT JUST OVER 1%......THIS WILL DO SQUAT!!!!!!!!!!!
Obama is my favorite person in the world! Why stop there though?!?! Give everyone $10,000 from the oil giants to make up for their wind fall profits during the last 8 years of the Oil Administrati.... I mean the Bush Administration!!! This is not socialism people, this is the same as when a con-artist is found to be using deception to manipulate more money out of customers, and they are forced to pay restitution to the victims. It is nothing more. Heck Bush & Cheney should have to do about 6,000,000,000,000,000,000,000,000,000,000 hours of communtiy service for the all the crap they have caused.
Increase taxes, reduce cash available for exploration and production, then expect increased investment?
Such a fool. Obama is going back to the failed policies of the past and trying to repackage them as a change for the future.
What a loser!