We are coming around on the idea of a "windfall profits tax".
The extreme high price of gas is hurting consumers in ways that no one would have forseen even just one year ago. Families are being forced to cut back on driving, make hard choices at the grocery stores, and in some cases even go without some of the basic necessities just to make ends meet.
As a nation, we need to find ways to ease the burden on our families. We need to put aside the bickering and the divisiveness and find solutions that will bring real relief to the American people.
Senator Obama, despite promises to the contrary, has decided to forego public financing of his presidential campaign. His decision to do so is premised on the fact that he can raise more money outside the system than within it -- which will give him an advantage over his opponent.
Obama has repeatedly claimed that he is receiving a very large percentage of his donations from small contributors, surely those same people who are most hurting from the high cost of gas and food and other items.
Instead of relying upon the public financing system that has been set up to back presidential campaigns, Obama is running on the backs of ordinary Americans who are being forced to choose between food on their plates and an offering in Obama's collection plate.
That's why we are introducing the Bipartisan Campaign Finance Windfall Profits Tax Reform Act of 2008. The purpose of the bill is as follows:
Amends Federal Election Commission regulations to: (1) impose an excise tax on major party presidential campaigns for a percentage of the windfall profit from all excess funds raised; (2) allow an income tax rebate for all families in which at least one family member has voted in the last presidential election or current presidential primary, based upon windfall tax revenues, as determined by the FEC Commissioners; and, (3) define "windfall profit" as the excess campaign funds raised above the federal funding available.
"The relief would be delivered as quickly as possible to help families cope with the rising price of gasoline, food and other necessities." -- the Obama campaign.
Some will surely claim that this bill is nothing more than an attempt to take money from people who support Obama and allow it to end up in the hands of those who do not, even in some cases the hands of those who support John McCain.
The objection to redistributionist schemes is duly noted.
Therefore, we withdraw our bill from consideration.
FOR THE RECORD: We really don't object to Obama funding his campaign through private donations, and in fact would prefer all elections to be funded in such a manner. His lying about accepting public funding does bug us, but we've been lied to so many times by Obama, that this one is just another straw, long after the camel's back has been broken.