Democratic presidential candidate Barack Obama said on Monday he would impose a windfall profits tax on U.S. oil companies as he sought political gain from Americans pain over high gasoline prices.
Launching a two-week focus on the economy after clinching the Democratic presidential nomination, Obama drew a sharp contrast between his economic policies and those of [...]
Barack Obama said on Saturday Americans would start changing the kinds of cars they drive if gasoline prices continue to climb and said he owned a hybrid vehicle, though he doesn’t drive it much.
Obama, an Illinois senator and the front-runner for his party’s presidential nomination, has made fighting climate change a key issue of his [...]
There are several reasons for this opposition:
First, research shows that waiving the gas tax would generate major profits for oil companies rather than significantly lowering prices for consumers.
Second, it would encourage people to keep buying costly imported oil and do nothing to encourage conservation.
Third, a tax holiday would provide very little relief to families feeling [...]
The trouble with the plan, they say, is that oil prices are rising because of low supplies, and companies will continue to charge the average $3.60 a gallon and just pocket the money that would have gone to federal taxes.
“That’s $10 billion, and it’s going into the pockets of oil refiners,” said Leonard Burman of [...]
Democratic presidential candidate Barack Obama’s proposal for a windfall profits tax on oil companies could cost $15 billion a year at last year’s profit levels, a campaign adviser said.
The plan would target profit from the biggest oil companies by taxing each barrel of oil costing more than $80, according to a fact sheet on the [...]
Over the past several days, some of the nation’s leading economic and political pundits have weighed in critically on the proposal of both Sens. Hillary Clinton and John McCain to institute a gas tax holiday this summer.
Link:The Huffington Post
Democrat Barack Obama argued on Tuesday that his rivals’ call for a summer-long suspension of the federal gas tax is “designed to get them through an election” and would not help struggling consumers.
“The easiest thing in the world for a politician to do is tell you exactly what you want to hear,” Obama said in [...]
