Obama $1000 Energy Rebate: Obama Will Impose 62.5% Oil Companies Windfall Profits Tax!
Democratic presidential candidate Barack Obama on Friday called for a $1,000 “emergency” rebate to consumers to offset soaring energy costs amid fresh signs of a struggling economy with the nation’s unemployment rate climbing to a four-year high.
Consider this, according to the Obama Campaigns statistics regarding his proposed working family tax credit, the credit would affect around 150 million US workers or about 80 million families. As such, you can assume that his $1,000 per family or $500 per individual “Energy Rebate” would also affect the same 150 million workers. So now lets do the math (in terms even Obamabots can understand):
A $1 rebate would cost $150 million
A $10 rebate would cost $1.5 Billion
A $100 Rebate Would Cost $15 Billion
A $500 REBATE WOULD COST $75 BILLION
Now, according to Obama this rebate would be provided through his, Pelosi, and Reid’s Windfall Profits Tax. Sound Great, Right?
How Much Did Oil Companies Make in 2007?
Consolidated Net Profits Of Big 5: $120 Billion
Hmm…Now you’re may have to get a calculator out to figure the exact percentage, but how exactly is Obama going to pay for his $75 Billion Rebate??
This is just the incentive oil companies need??
So Which One Is It? Do we impose a 62.5% tax on Oil company profits, in which Institutional and individual investors dump the stocks; relegate them to penny status; bankrupt the industry; and cause an insta-depression? Or… Does the government pick up the tab, causing a record budget deficit to balloon further and destroying the promises of government investments in alternative energy?
Credit goes to Politically Drunk website for this analysis
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Comments
Actually… your math is not accurate, as his plan calls for the rebates to be fully paid for with FIVE YEARS of a windfall profits tax on record oil company profits. Therefore by that time the big five would have cleared 600 Billion and kicking back to the cash strapped American public %12 is not devastating.
Whitney, who do you believe will actually pay the windfall tax? For instance a company does not sell x number of a product and then give away the rest of the product because it is going to cost them money. They either do not produce the product at that point or you pass the increased cost on to the consumer. The consumer will pay the price, a windfall tax is not a deterent to pricing in a free market price will be driven up. By the way the government makes more revenue off of oil than the oil companies do and they do not incur any of the cost for obtaining, producing or distributing the product.
Well stated James. It never ceases to amaze me how simple minded liberal twits cannot see beyond the end of their nose when democrats start talking about raising the taxes on Big Oil. Years ago the Service Stations used to have the price break down right on the pumps and the twits could look and see
how much of the price went to the State; the County & the Feds. I am not sure but I bet the democrats had something to do with the removal of this price ticket so as to keep the consumer in the dark thereby making it easy to have them believe all the crap they peddle about Big Oil.
EzyDuce, ” simple minded liberal twits cannot see beyond the end of their nose”. For communication purposes, we teach third graders to stick to the information instead of useless phrases. Your information is immediately tainted by your negative language. Perhaps you made a good point which got caught up in verbal flames instead of mental consideration of its value.
All these gas tax rebates are electoral gimmicks. And this one is as unworkable as Obama’s ideas on war.