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.
Half of the money would go to state governments, which are facing big budget shortfalls, and half would be used for national infrastructure, including replenishing the Highway Trust Fund, rebuilding roads and bridges, and repairing schools.
Obama announced his plan 27 minutes after a Labor Department report showed unemployment hit a four-year high of 5.7 percent in July — the highest rate since March 2004, when it was 5.8 percent.
“We need to do more,” Obama said in a statement. “That’s why today I’m announcing a two-part emergency plan to help struggling families make ends meet and get our economy back on track.
McCain reacted to the surprisingly dour jobs report with a two-paragraph statement: "Across this country, Americans are hurting and today's job numbers are just the latest reminder of the economic challenges we face. ... Unlike Sen. Obama, I do not believe that raising taxes is the answer to our economic problems. There is no surer way to force jobs overseas than to raise taxes on businesses.”
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.
-------------------- It isn't so much that liberals are ignorant. It's just that they know so many things that aren't so. Posts: 6949 | Registered: Apr 2004
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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.”
It's sure to work, right? I mean this is completely different from what Carter tried. This will work out so much better...
“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.
No. He's not asking the oil companies anything. He's simply taking. Way to promote the economy, Barrak.
Posts: 1802 | From: Utah | Registered: Mar 2008
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Exclusionary taxes on corporate profits or high wage earners is a disasterous strategy. Cut taxes and make doing business easier is the proven method out of a recession. Just look at the history. The problem with generating more taxes is our politicians can never control themselves and spend us into the next economic problem. Americans dependant on a gov't check are at the mercy of politicians that really don't care about them.
-------------------- Let's Go METS!!! Posts: 3317 | From: CT | Registered: Dec 2006
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I believe you are right but I also agreed with Regan that they should get there tax breaks as long as they reinvested in America and the money stayed hear.
The difference now is they can take there tax savings anywhere to invest. If that is the case they should not be given the tax break at all.
Posts: 6008 | From: phoenix az | Registered: Mar 2005
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Obama's Global Tax By INVESTOR'S BUSINESS DAILY | Tuesday, July 29, 2008
Election '08: A plan by Barack Obama to redistribute American wealth on a global level is moving forward in the Senate. It follows Marxist theology — from each according to his ability, to each according to his need.
We are citizens of the world, Sen. Obama told thousands of nonvoting Germans during his recent tour of the Middle East and Europe. And if the Global Poverty Act (S. 2433) he has sponsored becomes law, which is almost certain if he wins in November, we're also going to be taxpayers of the world.
Speaking in Berlin, Obama said: "While the 20th century taught us that we share a common destiny, the 21st has revealed a world more intertwined than at any time in human history.
"
What the 20th century really showed was a series of totalitarian threats — from fascism to Nazism to communism — defeated by the U.S. military. Hitler's Germany, Mussolini's Italy, Tojo's Japan and the Soviet Union offered destinies we did not share.
Our destiny of peace and freedom through strength was not achieved by a transnationalist fantasy of buying the world a Coke and singing "Kumbaya.
"
Obama's Global Poverty Act offers us a global socialist destiny we do not want, one that challenges America's very sovereignty. The former "post-racial" candidate obviously intends to be a post-national president.
A statement from Obama's office says: "With billions of people living on just dollars a day around the world, global poverty remains one of the greatest challenges and tragedies the international community faces. It must be a priority of American foreign policy to commit to eliminating extreme poverty and ensuring every child has food, shelter and clean drinking water.
"
These are worthy goals, but note there's no mention of spreading democracy, expanding free trade, promoting entrepreneurial capitalism or ridding the world of despots who rule and ravage countries such as Zimbabwe and Sudan.
Obama would give them all a fish without teaching them how to fish. Pledging to cut global poverty in half on the backs of U.S. taxpayers is a ridiculous and impossible goal.
His legislation refers to the "millennium development goal," a phrase from a declaration adopted by the United Nations Millennium Assembly in 2000 and supported by President Clinton.
It calls for the "eradication of poverty" in part through the "redistribution (of) wealth of land" and "a fair distribution of the earth's resources." In other words: American resources.
It's a mantra of liberals that the U.S. is only a small portion of the world's population yet consumes an unseemly portion of the planet's supposedly finite resources. Never mentioned is the fact that America's population, just 5% of the world's total, also produces a stunning 27% of the world's GDP — to the enormous benefit of other countries. Nonetheless, their solution is to siphon off the product of our free democracy and distribute it.
We already transfer too much national wealth to the United Nations and its busybody agencies. Obama's bill would force U.S. taxpayers to fork over 0.7% of our gross domestic product every year to fund a global war on poverty, spending well above the $16.3 billion in global poverty aid the U.S. already spends.
Over a 13-year period, from 2002, when the U.N.'s Financing for Development Conference was held, to the target year of 2015, when the U.S is expected to meet its part of the U.N. Millennium goals, we would be spending an additional $65 billion annually for a total of $845 billion.
During a time of economic uncertainty, the plan would cost every American taxpayer around $2,500.
If you're worried abut gasoline and heating oil prices now, think what they'll be like when the U.S. is subjected in an Obama administration to global energy consumption and production taxes. Obama's Global Poverty Act is the "international community's" foot in the door.
The U.N. Millennium declaration called for a "currency transfer tax," a "tax on the rental value of land and natural resources," a "royalty on worldwide fossil energy production — oil, natural gas, coal . . . fees for the commercial use of the oceans, fees for the airplane use of the skies, fees for the use of the electromagnetic spectrum, fees on foreign exchange transactions, and a tax on the carbon content of fuels.
"
Co-sponsors of S. 2433 include Democrats Maria Cantwell of Washington, Dianne Feinstein of California, Richard Durbin of Illinois and Robert Menendez of New Jersey. GOP globalists supporting the bill include Chuck Hagel of Nebraska and Richard Lugar of Indiana.
Lugar has worked with Obama to promote more aid to Russia to promote nuclear nonproliferation. Lugar also promotes the Law of the Sea treaty, which turns over the world's oceans to an International Seabed Authority that would charge us to drill offshore and have veto power over the movements and actions of the U.S. Navy.
Obama's agenda sounds like defeated 2004 Democratic candidate John Kerry's "global test" for U.S. foreign policy decisions where "you have to do it in a way that passes the test — that passes the global test — where your countrymen, your people understand fully why you're doing what you're doing and you can prove to the world that you did it for legitimate reasons.
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Obama has called on the U.S. to "lead by example" on global warming and probably would submit to a Kyoto-like agreement that would sock Americans with literally trillions of dollars in costs over the next half century for little or no benefit.
"We can't drive our SUVs and eat as much as we want and keep our homes on 72 degrees at all times . . . and then just expect that other countries are going to say OK," Obama has said. "That's not leadership. That's not going to happen.
"
Oh, really? Who's to say we can't load up our SUV and head out in search of bacon double cheeseburgers at the mall? China? India? Bangladesh? The U.N.
?
In an Obama White House, American sovereignty will become an endangered species. The Global Poverty Act is the first toe in the water of global socialism.
-------------------- It isn't so much that liberals are ignorant. It's just that they know so many things that aren't so. Posts: 6949 | Registered: Apr 2004
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Obama is going to kill whatever is left of our economy. His tax plans will force small business out of business and big corporations will go overseas along with US jobs.
I just don't understand exactly what change people anticipate him achieving. He is politics as usual only with a smarmy charm.
Posts: 184 | Registered: Sep 2005
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Oh, really? Who's to say we can't load up our SUV and head out in search of bacon double cheeseburgers at the mall? China? India? Bangladesh? The U.N.
my wife she says she would prefer that i maintain my 6'2 190 lb "frame"
here's the thing about Obama that should make everybody nervous (and it isn't even him)
in the Senate? Democrats possess a field advantage in 2008, needing to defend only 12 seats, while Republicans must defend 23. In addition, five Republicans, but no Democrats, have announced that they are retiring. The open seat gap between the parties is the biggest in 50 years.
there is a fair chance that the Dems will get 60 seats.... esp with Ted Stevens and larry Craig's problems...
here in MS? Wicker was called from the 1st congressional district to replace Trent Lott and he was replaced by a Democrat in the House...
his district was one of the fastest growing areas in the Sate too.. just south of the Tennessee line at Memphis....
i doubt Wicker will lose, but i also doubted that a Dem would replace him...
the latest predictions are that the Senate seat in MS is a tossup... that's not a good sign for the GOP nationwide... MS should be a safe GOP state...
-------------------- Don't envy the happiness of those who live in a fool's paradise. Posts: 36378 | From: USA | Registered: Sep 2003
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Almost all of these politicians are IDIOTS! That's just what America needs - another stupid stimulus check! Whether we're talking about Bush who added the Medicare Drug Entitlement; Maxine Waters who wants to socialize big oil; Nancy Pelosi, the left coast socialist who is in the back pocket of the wacko environmental left; or Harry Reed, who's simply a moron, they're all idiots and have let the country down.
Kick all the bums out! That's what I say.
Posts: 1577 | From: Ohio | Registered: Oct 2007
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to be honest PM? if we weren't arguing about rush limbuggers latest rants all the time? we might be able to find some reasonable people on both sides to hire...
Mcain was/is a true American Hero, (as was Bob Dole)and a straight talker.. he got whooped by Rove, and i say that because i can't beleive Dubya had anything to do with the campaign strategies.. the main reason he is in there right now is that nobody else in the party really wanted to run this time... Obama really only has to not screw up... and all these attempts to paint him as a "popstar" are off target... it's real popularity in response to this country being rode hard and put away wet by Cheney and Co....
-------------------- Don't envy the happiness of those who live in a fool's paradise. Posts: 36378 | From: USA | Registered: Sep 2003
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Don't worry guys we are flying twards depression at warp speed now.
The only thing that can stop it is purchasing power in the hands of people.
That ain't going to happen.
Republicans are traitors they don't even know how to fix there own mess they started.
Look at the side show freak in Califoria Arnold Der Boobingrabbetr has not done anything since he got into office except spend money and go in debt. Glad he's a German that means he can't be president.
Lets put Bush in for a third time he needs an extra 4 years to really destroy the country.
Posts: 6008 | From: phoenix az | Registered: Mar 2005
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Economically Mitt Romney is the one who can fix the problems of fiscal issues in our country.
-------------------- It isn't so much that liberals are ignorant. It's just that they know so many things that aren't so. Posts: 6949 | Registered: Apr 2004
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