Sen. Barack Obama (D-Ill.) on Friday announced an “Emergency Economic Plan” that would give families a stimulus check of $1,000 each, funded in part by what his presidential campaign calls “windfall profits from Big Oil.”
Details are in this six-page policy paper.
The first part of Obama’s plan is an emergency energy rebate ($500 to individual workers, $1,000 to families) as soon as this fall.
“This rebate will be enough to offset the increased cost of gas for a working family over the next four months,” Obama said. “Or, if you live in a state where it gets very cold in the winter, it will be enough to cover the entire increase in your heating bills. Or you could use the rebate for any of your other bills or even to pay down debt
Separately, Obama’s plan includes a $50 billion stimulus package that his campaign claims would save more than 1 million jobs.
And how does Mr. Obama plan on paying for it? Why taxing profits on oil companies of course!
Obama announced his plan for a windfall profits tax on oil companies on June 9 in Raleigh, N.C., as he launched a two-week economic tour after clinching the Democratic nomination.
Friday’s proposal says Obama “is proposing to offset the cost of his emergency energy rebates over the next five years by enacting a windfall profits tax on big oil companies.”
“Obama simply asks that big oil companies contribute a reasonable share of the windfall profits they receive from high oil prices over the next five years to pay for emergency assistance for families right now,” the campaign says.
The last "stimulus" package didn't work, so why would this be any different? Prices are falling because people are driving less, and oil producing nations are losing excuses as to why the price is so high. If enacted, oil companies will simply jack up the price of gas and other oil products and pass the cost on to you and me.
Get rid of the tax breaks, ok, I can agree with that in principle, but if you tell them that they are going to be taxed on profits, you'll find yourself dealing with companies that all of a sudden don't "make a profit".
The last stimulus package gave $600 for each person. Now, gas has gone from roughly $2 a gallon to $4 a gallon. If you drive a car that gets 30 mpg, and your average driving is the national average of 12,000 miles, you use 400 gallons for the YEAR.
Now, that means that instead of paying $800 for the year, you paid $1,600 for the year. If you didn't use the previous stimulation package to offset your gas bill, or get yourself out of debt, it's YOUR FAULT.
Another "stimulus package" isn't going to solve anything.
Travis
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