Obama Energy Rebate - Barack Obama proposed an energy rebate of $1,000 to every consumer to help offset high gas prices and plans to finance the rebate with new taxes on oil company profits.
The Obama Energy Rebate would be financed by a windfall profits tax on oil companies which have recently reported record profits.
Democratic presidential candidate Barack Obama on Friday called for a $1,000 “emergency” rebate to consumers to offset soaring energy costs.
Obama’s call for immediate action came amid fresh signs of a struggling economy with the nation’s unemployment rate climbing to a four-year high.
“This rebate will be enough to offset the increased cost of gas for a working family over the next four months,” Obama told supporters at a town hall meeting in Florida.
Obama had earlier said the energy rebates should be part of a larger tax relief package. But now he says the slumping economy demands they be put in place immediately.
“We can either choose a new direction for our economy, or we can keep doing what we’ve been doing,” Obama said in calling for the $1,000 rebates to help Americans struggling with high gas prices.
Of course, to give 50 million consumers a $1,000 energy rebate each would cost the country $50 billion dollars at a time when the budget deficit is projected to exceed $500 billion for fiscal year 2009.
And that’s the latest news on the Obama Energy Rebate.
Tags: barack obama, obama energy plan, obama energy rebate, obama oil tax, obama rebate
August 1st, 2008 at 1:56 pm
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