Obama's Plan to Wreck the Economy: 'Windfall' Profits Tax on Oil Companies

Does this idiot even realize the government brings in billions in gas tax revenue already, far more than the oil companies themselves?

Naturally, these companies would simply pass along the increased cost to consumers.

Being a socialist, he obviously can't grasp such a concept.

Now wonder he's tanking in the polls.

Obama May Levy $15 Billion Tax on Oil Company Profit

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.

What's this working families jazz anyway? Except for those living on the dole (a large chunk of the Democrat voter base, apparently), don't most families work?

Showing how clueless he is, his risky scheme is far greater than that of Mrs. Clinton.

Obama's plan may be three times larger than the $50 billion, 10-year plan contemplated by his Democratic rival, New York Senator Hillary Clinton. Republican candidate John McCain, an Arizona senator, has no plan to raise oil and gas industry taxes, said his economic adviser, Douglas Holtz-Eakin.