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Dems propose 'Reasonable Profits Board' to regulate oil company profits
The Hill ^ | 01/19/12 | Pete Kasperowicz

Posted on 01/20/2012 2:23:36 PM PST by tom h

Six House Democrats, led by Rep. Dennis Kucinich (D-Ohio), want to set up a "Reasonable Profits Board" to control gas profits.

The Democrats, worried about higher gas prices, want to set up a board that would apply a "windfall profit tax" as high as 100 percent on the sale of oil and gas, according to their legislation. The bill provides no specific guidance for how the board would determine what constitutes a reasonable profit.

The Gas Price Spike Act, H.R. 3784, would apply a windfall tax on the sale of oil and gas that ranges from 50 percent to 100 percent on all surplus earnings exceeding "a reasonable profit." It would set up a Reasonable Profits Board made up of three presidential nominees that will serve three-year terms. Unlike other bills setting up advisory boards, the Reasonable Profits Board would not be made up of any nominees from Congress.

The bill would also seem to exclude industry representatives from the board, as it says members "shall have no financial interests in any of the businesses for which reasonable profits are determined by the Board."

According to the bill, a windfall tax of 50 percent would be applied when the sale of oil or gas leads to a profit of between 100 percent and 102 percent of a reasonable profit. The windfall tax would jump to 75 percent when the profit is between 102 and 105 percent of a reasonable profit, and above that, the windfall tax would be 100 percent. The bill also specifies that the oil-and-gas companies, as the seller, would have to pay this tax.

Kucinich said these tax revenues would be used to fund alternative transportation programs when oil-and-gas prices spike.

"Gas prices continue to rise, creating a hardship for the American people," he said. "At the same time, oil companies are making record profits gouging their customers. This bill would tax only the excess profits and create forward-thinking transportation alternatives."

Specifically, he said the money would be used to fund a tax credit on the purchase of fuel-efficient cars and set up a grant program for mass transit programs when oil-and-gas prices are high.

The bill does not estimate the size of these grants or the amount of money that might be collected through the tax.

Co-sponsoring the bill are five other Democrats: Reps. John Conyers Jr. (Mich.), Bob Filner (Calif.), Marcia Fudge (Ohio), Jim Langevin (R.I.), and Lynn Woolsey (Calif.).


TOPICS: Business/Economy; Culture/Society; Government; News/Current Events
KEYWORDS: communists; profits; regulation; socialists
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Sure, I'll agree to a "reasonable profits board" for the oil industry as long as we also mandate and regulate salaries and profits in other highly profitable industries: Hollywood, Wall Street traders, NBA basketball players, and rock musicians.

I can just hear the howling from Democratic circles.

1 posted on 01/20/2012 2:23:50 PM PST by tom h
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To: tom h

Ayn Rand please call your office. Wesley Mouch is holding on line one.


2 posted on 01/20/2012 2:27:57 PM PST by ClearCase_guy (Nothing will change until after the war.)
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To: ClearCase_guy

How about a reasonable government board to regulate runaway government?


3 posted on 01/20/2012 2:30:03 PM PST by mountainlion (I am voting for Sarah after getting screwed again by the DC Thugs.)
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To: tom h

“I am become Barry, destroyer of wealth”.....


4 posted on 01/20/2012 2:31:00 PM PST by NeverForgetBataan (I am become Barry, destroyer of wealth......)
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To: tom h
"I can just hear the howling from Democratic circles"

Marxine Waters (Socialist, Watts), "If you don't like it, we'll just nationalize the oil industry."

yitbos

5 posted on 01/20/2012 2:31:10 PM PST by bruinbirdman ("Those who control language control minds." -- Ayn Rand)
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To: ClearCase_guy

Black market time, just like in every socialist society.


6 posted on 01/20/2012 2:31:24 PM PST by Clock King (Ellisworth Toohey was right: My head's gonna explode.)
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To: tom h

Me,me, me, pick me...to be the King of All that is Reasonable! I will divine what is reasonable and what is not.


7 posted on 01/20/2012 2:31:37 PM PST by VRW Conspirator (Neo-communist equals Neo-fascist)
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To: tom h

How bout eliminating all taxes on energy federal, state and local?..
Energy is the “MILK” of any economy..


8 posted on 01/20/2012 2:32:49 PM PST by hosepipe (This propaganda has been edited to include some fully orbed hyperbole...)
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To: tom h

Chinese bicycle company on line one...


9 posted on 01/20/2012 2:33:28 PM PST by Truth29
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To: tom h

How about a “Reasonable College Tuition Board”?


10 posted on 01/20/2012 2:33:51 PM PST by Zuben Elgenubi
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To: tom h

Mitt thinks he can work with these people.


11 posted on 01/20/2012 2:34:30 PM PST by DManA
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To: ClearCase_guy

The Fountainhead was on TCM today. A curious parallel? Patrica Neal is quite the Gal. An earlier show today starred Neal and Ronald Reagan!!! Quite a love triangle!


12 posted on 01/20/2012 2:35:14 PM PST by Young Werther
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To: tom h

Sure!
We’ll submit Nan Pelosi’s earnings from her conflicts of interest during the ‘08 spike in gas prices for review.


13 posted on 01/20/2012 2:35:14 PM PST by Darksheare (You will never defeat Bok Choy!)
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To: tom h

How about we let oil companies regulate the pay of Dem Commies like the ones proposing this board.


14 posted on 01/20/2012 2:35:21 PM PST by formosa (Formosa)
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To: tom h

Are we going to have one for google profits and berkshire Hathaway profits? The per share value of the oil companies is a fraction of those.


15 posted on 01/20/2012 2:35:32 PM PST by jersey117 (Perry 2012)
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To: tom h

Congress needs a rational representative review board to kick about 3/4s of them out.


16 posted on 01/20/2012 2:37:31 PM PST by Paladin2
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To: tom h

Oh, I agree totally. So much I advise formation of a similar body to cap the obscene profits in Hollywood.

And let’s not forget that Universities are more and more simply Debt Traps For Minorities —they get degrees in major not applicable to any market, then can’t get jobs.

Let’s HELP MINORITIES by ending fed grants for students of such majors.

And then: Ivy League Universities have HUUUGE endowment, right? Hey, too much —let’s tax them over some threshold value.

Fair is fair, right?


17 posted on 01/20/2012 2:37:52 PM PST by gaijin
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To: tom h

How about reasonable Federal taxes on gas & oil? The last time I looked the governmenttook in about 5 times the profit margin on each gal. of gas sold.


18 posted on 01/20/2012 2:38:11 PM PST by afraidfortherepublic
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To: tom h

This would be much better and would help oil prices to go down. Just make anyone that buys oil futures to take physical delivery of said oil.


19 posted on 01/20/2012 2:39:08 PM PST by Racer1
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To: tom h

These people never learn from their mistakes or mistakes of the past. Something like this was tried back in the 70’s with a cost ceiling on oil. The result was the second gas shortage of the 70’s causing long lines at gas stations.


20 posted on 01/20/2012 2:39:58 PM PST by Rogle
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To: ClearCase_guy
Atlas is going to end up with repetitive motion disorder before this administration is finished with US.
21 posted on 01/20/2012 2:40:14 PM PST by gov_bean_ counter
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To: tom h

I want to sit on the board that regulates how much money members of Congress can make. First, we cut their salaries down to the poverty level....


22 posted on 01/20/2012 2:40:57 PM PST by susannah59
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To: tom h
Six House Democrats, led by Rep. Dennis Kucinich (D-Ohio), want to set up a "Reasonable Profits Board" to control gas profits.

A "reasonable terms board" would be much more productive by weeding out the lifers in Washington.

23 posted on 01/20/2012 2:41:03 PM PST by EGPWS (Trust in God, question everyone else)
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To: tom h

Impeach the culprits for attempting to overthrow the Constitution and the common-law rights of citizens to own property free of the threat of arbitrary confiscation.


24 posted on 01/20/2012 2:41:52 PM PST by WhiskeyX
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To: tom h

Can we set up a “Reasonable Drilling Board” instead?


25 posted on 01/20/2012 2:42:09 PM PST by Oldeconomybuyer (The problem with socialism is that you eventually run out of other people's money.)
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To: tom h

I am proposing a “reasonable profits board” to regulate salary and pension of house members. I really don’t think they earn all that money we give them, so let’s all share the wealth and tax their salary and profits at 150% or so.


26 posted on 01/20/2012 2:42:35 PM PST by w1andsodidwe (Barrak has now won the contest. He is even worse than Jimmah.)
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To: w1andsodidwe

All your oil profits are belong to us!


27 posted on 01/20/2012 2:44:16 PM PST by EQAndyBuzz (Most Conservative in the Primary, the Republican Nominee in the General.)
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To: Young Werther

That’s funny. A FACE IN THE CROWD aired on TCM the day obama was inaugurated. :)


28 posted on 01/20/2012 2:44:56 PM PST by ElayneJ
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To: Oldeconomybuyer

Can we set up a “Reasonable Government Employee Salary” board, too?

And a “Reasonable Government Pension” board?

How about a “Reasonable Price for Air Jordans” board?

“Reasonable Investment Return for Congressmen and Senators”?

“Reasonable Lobbyist Gifts” board?

“Reasonable Donations to Non-Profits” board?

“Reasonable Attorneys Fee” board?

Are you guys sure you want to go there?


29 posted on 01/20/2012 2:45:50 PM PST by CarmichaelPatriot
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To: tom h

I hear Kucinich has a rich wife. Let’s confiscate all her money “for the public good”.


30 posted on 01/20/2012 2:46:25 PM PST by Argus
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To: formosa

” How about we let oil companies regulate the pay of Dem Commies like the ones proposing this board. “

They already do, through “campaign contributions” (snicker), perks from their lobbyists, and the occasional tidbits of ‘insider’ stock information....

You don’t really think that people run for Congress for the *salary*, do you??


31 posted on 01/20/2012 2:47:21 PM PST by Uncle Ike (Rope is cheap, and there are lots of trees...)
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To: tom h
How can we expect companies to innovate and improve efficiency if we're going to confiscate any gains anyway.
More expensive oil means more expensive everything else.
Let's confiscate any profits on book deals and speaker fees for all congress critters and presidents; past, present and future instead.

32 posted on 01/20/2012 2:50:07 PM PST by BitWielder1 (Corporate Profits are better than Government Waste)
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To: tom h
The word Communist would be fitting for this
33 posted on 01/20/2012 2:50:58 PM PST by HereInTheHeartland (I love how the FR spellchecker doesn't recognize the word "Obama")
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To: tom h

Socialist bastards be damned!


34 posted on 01/20/2012 2:52:55 PM PST by Jim Robinson (Rebellion is brewing!! Impeach the corrupt Marxist bastard!!)
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To: tom h

The committee can be chaired by Hugo Chavez.


35 posted on 01/20/2012 2:56:07 PM PST by lurk
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To: tom h
Even thought The Hill is usually reliable, I assumed they were hacked. Then I found this on some blogs and assumed they had all taken in the same article from The Onion, but that site doesn't have the story yet. Now Forbes has the story. Did they all get taken in, or are the Dems continuing to use Atlas Shrugged as a legislative guide. If this is true, are the Dem politicians really that stupid, or are they just evil.
36 posted on 01/20/2012 2:57:15 PM PST by Pollster1 (Natural born citizen of the USA, with the birth certificate to prove it)
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To: tom h

Oh, I agree totally. So much I advise formation of a similar body to cap the obscene profits in Hollywood.

And let’s not forget that Universities are more and more simply Debt Traps For Minorities —they get degrees in major not applicable to any market, then can’t get jobs.

Let’s HELP MINORITIES by ending fed grants for students of such majors.

And then: Ivy League Universities have HUUUGE endowment, right? Hey, too much —let’s tax them over some threshold value.

Fair is fair, right?


37 posted on 01/20/2012 2:57:34 PM PST by gaijin
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To: Argus
"I hear Kucinich has a rich wife. "

Forget about what you hear, I can see that he has a knockout for a wife. Money, schmoney. I can't figure out what such a gorgeous redhead sees in such a little twerp like Kucinich.


38 posted on 01/20/2012 3:01:49 PM PST by tom h
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"NOW IF I CAN JUST GET FREEPER DONATIONS
TO MULTIPLY LIKE THIS!"



Click the Pic


Support Free Republic

39 posted on 01/20/2012 3:06:13 PM PST by deoetdoctrinae (Gun-Free zones are playgrounds for felons)
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To: HereInTheHeartland

Actually fascism Italian model is far more acurate. Mussolini’s fascist economic policies controlled the means of production by partial ownership,rules/regulation,threats of mob action by party members(think OWS/acorn by whatever name it now goes by).
Determined who would be allowed to produce goods/services, what price the goods would be sold at, who was allowed to buy & what the profit margin would be. All so-called excess profits would be seized & be used as a slush fund by the politicians & if the business went belly up the politicians had a built in scape goat . The business owner who obviously wasn’t smart enough or dedicated enough to make his business work.


40 posted on 01/20/2012 3:12:10 PM PST by Nebr FAL owner (.308 reach out & thump someone .50 cal.Browning Machine gun reach out & crush someone)
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To: ClearCase_guy

First thing that I thought as well. Maybe they can find Wesley Mooch to head the board.


41 posted on 01/20/2012 3:12:38 PM PST by MCH
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To: tom h

That woman is obviously a crazy person.


42 posted on 01/20/2012 3:13:51 PM PST by Argus
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To: tom h
Dems propose 'Reasonable Profits Board' to regulate oil company profits

Whatever happened to the "Takings Clause"? Did it just slide off the parchment?

43 posted on 01/20/2012 3:21:54 PM PST by Brass Lamp
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To: EGPWS

Kucinich (Communist, Ohio), the jackass that bankrupted Cleveland as mayor and also wants a Department of Peace.


44 posted on 01/20/2012 3:23:31 PM PST by anoldafvet
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To: tom h
Товарищи, мы не ваши друзья, мы приходим к уничтожить. Голосовать демократ и, возможно, вы будете одним из 100 миллионов плюс!

☭ Leftist Appяoved

45 posted on 01/20/2012 3:39:39 PM PST by PATRIOT1876 (The only crimes that are 100% preventable are crimes committed by illegal aliens)
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To: EQAndyBuzz

*All your oil profits are belong to us!*

Oil profits, base, freedoms, air, money, land.

And don’t forget that you are not allowed to breath.

CO2 is a deadly toxin you know....despite what the trees say....


46 posted on 01/20/2012 3:43:10 PM PST by PATRIOT1876 (The only crimes that are 100% preventable are crimes committed by illegal aliens)
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To: ClearCase_guy

Met with an elected official who was an elector for Obama in the last election. Atlas Shrugged was displayed prominantly in his office bookcase. Graduated as Salutatorian from a very prestigious law school.

Things that make you go Hmmmm!

These people believe they can change the end of the book and are playing for keeps.


47 posted on 01/20/2012 3:46:14 PM PST by Billyv (Freedom isn't Free! Get off the sidelines!)
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To: tom h
"Sure, I'll agree to a "reasonable profits board" for the oil industry as long as we also mandate and regulate salaries and profits in other highly profitable industries: Hollywood, Wall Street traders, NBA basketball players, and rock musicians."

Let's be sure to include universities!

48 posted on 01/20/2012 3:51:56 PM PST by Baynative (The penalty for not participating in politics is you will be governed by your inferiors.)
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To: tom h

Don’t forget rich liberal income such as Warren Buffet.


49 posted on 01/20/2012 4:04:25 PM PST by ExCTCitizen (If we stay home in November '12, don't blame 0 for tearing up the CONSTITUTION!!)
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To: ADemocratNoMore; Aggie Mama; alarm rider; alexander_busek; AlligatorEyes; AmericanGirlRising; ...
Too good not to ping the Atlas Shrugged FReeper Book Club.
50 posted on 01/20/2012 4:07:08 PM PST by Publius
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