Obama: Rebate on High Energy Costs, Paid for by, "Big Oil"

Obama Proposes Rebate on High Energy Costs paid for by additional Oil company Tax

By Albert N. Milliron, Editor, Politisite.com, Iron Mill Interactive Media

The Democratic Presidential nominee, Barack Obama, who was dead set against Hillary Clinton and John McCain’s Gas Tax Holiday, seems to have changed his tune with a twist and a shuffle.

Barack Obama came out today as part of his emergency economic package, part of which includes a Gas cost rebate. Today, we are actually coming off oil price highs, but the economy is in a slump as oil price increases causes everything that uses transportation to increase in price. It was also reported today on the major finance news networks that unemployment has reached a inter year high. Obama Proposes that “Big Oil” send rebate checks to consumers due to their staggering profits. What Obama doesn’t share with his listeners is thatm “Big Oil” also pays staggering taxes to the U.S. Govenment and have created more jobs for American’s each quarter.

Republicans are saying that Obama is pandering to the poor to get folks to the polls in November. The pharmaceutical prices for drugs have increased over 400% in the same time period, but Democrats receive most of their campaign funding from Pharms. “you never hear the term, “Big Drug Companies” by the democrats, says one leader. Republicans mention Obama’s health care program has taken a back seat following his defeat of Hillary Clinton in the primaries.

Democratic presidential contender Barack Obama called today for the government to give consumers an immediate $1,000 rebate to offset the rise in energy costs.

The emergency checks are part of a revamped $50 billion plan Obama outlined today to give a boost to the slumping economy. The rebates shouldn’t wait for the next president to take office, and Congress should act quickly, he said.

“You need immediate relief,” Obama said today in St. Petersburg, Florida. The Illinois senator proposed paying for the energy assistance by taxing oil companies on their “windfall” profits.

The plan, which also calls for $25 billion to replenish the highway trust fund to repair roads and bridges and to repair schools, is largely a repackaging of initiatives Obama announced earlier.

The rebate initiative is “pandering,” said Lee Sheppard, a tax attorney with Tax Analysts in Falls Church, Virginia.

“Politicians are desperate to be seen to be doing something,” Sheppard said. “Sad that it has to involve tax law, but that is the main way government communicates with the middle class.

Source: bloomberg.com via politisite