Enact a Windfall Profits Tax to Provide a $1,000 Emergency Energy Rebate to American Families:Barack Obama and Joe Biden will enact a windfall profits tax on excessive oil company profits to give American families an immediate $1,000 emergency energy rebate to help families pay rising bills. This relief would be a down payment on the Obama-Biden long-term plan to provide middle-class families with at least $1,000 per year in permanent tax relief.
A tax of this proportion practically wipes out three quarters of the total profits of the U.S. energy sector - profits that go back into developing new energy reserves. The end result of this lunacy is higher energy prices and a crippled economy.
