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Obama Wants A ‘Windfall’ Tax On Big Oil

From an approving Associated Press:

Obama proposes $1,000 energy rebates for consumers

By MIKE GLOVER, Associated Press Writer

ST. PETERSBURG, Fla. – Democratic presidential candidate Barack Obama is calling for a $1,000 “emergency” rebate to consumers to offset soaring energy costs.

Obama says the rebate would be financed with a windfall profits tax on the oil industry.

“This rebate will be enough to offset the increased cost of gas for a working family over the next four months,” Obama said in remarks prepared for delivery Friday at a town hall meeting in the crucial swing state of Florida.

Obama had earlier said the rebates should be part of a larger tax relief package. But now he says the slumping economy demands they be put in place immediately…

Let’s see. Mr. Obama’s plan is to further tax the only group who might help us lower energy costs any time in the immediate future.

And he wants to give that money to people who will have to pay the tax anyway — in the form of higher prices passed along by the oil companies.

So, in the final analysis, there will no real tax cut for anyone — just an increase in revenue for the government.

It’s brilliant!

This article was posted by Steve on Friday, August 1st, 2008. Comments are currently closed.

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