This is a real solution. No pandering for a "summer vacation" that just shuffles money around with no real benefit. This is a proposal that any real American seeking fairness will fully support. Good for Obama!
Quote:
Bloomberg.com: News
May 1 (Bloomberg) -- 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 proposal. The tax would help pay for a $1,000 tax cut for working families, an expansion of the earned- income tax credit and assistance for people who can't afford their energy bills.
"The profits right now are so remarkable that one could trim them 10 percent or so, which would turn out to be somewhere in the $15 billion range,'' said Jason Grumet, an adviser to the Obama campaign.
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