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Dems propose 'Reasonable Profits Board' to regulate oil company profits
The Hill ^ | 3/1/12 | Pete Kasperowicz

Posted on 03/01/2012 3:39:35 PM PST by ColdOne

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

(Excerpt) Read more at thehill.com ...


TOPICS: Crime/Corruption; Government
KEYWORDS: fasciststate; kucinich; marxiststate; oilindustry; profitsboard
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1 posted on 03/01/2012 3:39:36 PM PST by ColdOne
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To: ColdOne
Apparently they think Atlas Shrugged is an instruction manual.
2 posted on 03/01/2012 3:41:19 PM PST by xjcsa (Ridiculing the ridiculous since the day I was born.)
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To: ColdOne

Which other company will they try and control? A company that competes with GE?


3 posted on 03/01/2012 3:41:26 PM PST by RC2
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To: ColdOne

Why did figure Kucinich is behind something like this.


4 posted on 03/01/2012 3:41:39 PM PST by matt04
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To: ColdOne

Gee. Knock me over with a feather.


5 posted on 03/01/2012 3:43:07 PM PST by rlmorel ("A fanatic is one who can't change his mind and won't change the subject." Winston Churchill)
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To: ColdOne

Right good idea. Controlling “big oil” worked so well during the first Carter administration, (this being the second).


6 posted on 03/01/2012 3:43:38 PM PST by brownsfan (Aldous Huxley and Mike Judge were right.)
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To: ColdOne

New Brunswick, a Canadian province, has a government board that gives approval for the gas price the oil companies.

There is no difference in price.

All this will do is help keep oil prices high, as a lack of profits will hinder exploration.

High gas prices helps my province, so thank you Democrats.


7 posted on 03/01/2012 3:43:43 PM PST by Jonty30 (What Islam and secularism have in common is that they are both death cults.)
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To: ColdOne

Dennis the Menace at it again.


8 posted on 03/01/2012 3:44:32 PM PST by SandRat (Duty - Honor - Country! What else needs said?)
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To: ColdOne
As one of our wisest citizens recently said:

‘I leave it up to the government to make good decisions’


9 posted on 03/01/2012 3:44:53 PM PST by The Iceman Cometh (Proud Teabagging Barbarian Terrorist Hobbit Son-of-a-Bitch!)
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To: ColdOne

So, the Dems response to high gas prices is to nationalize the oil industry. Yeah, that’ll help.


10 posted on 03/01/2012 3:45:25 PM PST by circlecity
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To: ColdOne

When the profits are down, there is no money to invest in new production. When the profits are high, the money will get stolen by democrats, and there will be no money to invest in new production. So, no new production ever.


11 posted on 03/01/2012 3:46:41 PM PST by Vince Ferrer
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To: ColdOne

How bout “Reasonable Term Limits” for these asshats?


12 posted on 03/01/2012 3:47:19 PM PST by unixfox (Abolish Slavery, Repeal The 16th Amendment!)
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To: ColdOne

So the threads that I click on not thinking are satire turn out to be satire.

I clicked on this fully expecting this to be satire - and AFAICT it’s not.

Beam me the “F” up, Scotty.


13 posted on 03/01/2012 3:47:39 PM PST by 2 Kool 2 Be 4-Gotten
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To: brownsfan

Right good idea. Controlling “big oil” worked so well during the first Carter administration, (this being the second).”

I think you owe Jimmuh an apology. Zero isn’t as good as he was...


14 posted on 03/01/2012 3:48:29 PM PST by jessduntno ("Newt Gingrich was part of the Reagan Revolution's Murderers' Row." - Jeffrey Lord, Reagan Admin.)
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To: xjcsa

Beat me to it.


15 posted on 03/01/2012 3:48:29 PM PST by tgusa (gun control: deep breath, sight alignment, squeeze the trigger .......)
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To: 2 Kool 2 Be 4-Gotten

NO GO! (Gov’t OIL!)


16 posted on 03/01/2012 3:48:51 PM PST by princess leah
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To: ColdOne
Kucinich said these tax revenues would be used to fund alternative transportation programs when oil-and-gas prices spike.

I'll consider it, right after hybrid battery manufactures are actually hiring due to increasing sales of cars like the Volt.

"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."

Not as much as the government is raking in in taxes on fuel.

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.

This does nothing to address increase costs in consumer goods that can not take mass transit and must be trucked in, such as food, appliances, clothes, etc.

17 posted on 03/01/2012 3:49:03 PM PST by matt04
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To: ColdOne

These dumbass Dems. The oil companies will just leave to greener pastures and with them go the high tech jobs in science, research and technology.


18 posted on 03/01/2012 3:50:17 PM PST by avacado
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To: ColdOne

Can the Ministry of Peace be far behind?


19 posted on 03/01/2012 3:51:41 PM PST by P.O.E. (Pray for America)
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To: ColdOne

Standard Democrat procedure:

1 - Get the government involved in a part of the economy that has worked well without government controls.

2 - Screw it up with government rules and regulations.

3 - Complain the free market doesn’t work.

4 - Create a new government bureaucracy to “fix” the problem they created.

5 - Use the new bureaucracy to justify more government employment, create new taxes, and turn another section of the economy into a vehicle for wealth redistribution.


20 posted on 03/01/2012 3:54:32 PM PST by Iron Munro ("Don't pick a fight with an old man. If he is too old to fight he'll just kill you." John Steinbeck)
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To: ADemocratNoMore; Aggie Mama; alarm rider; alexander_busek; AlligatorEyes; AmericanGirlRising; ...

Again, I don’t normally ping the “Atlas” list for a simple news item, but this one is right out of Wesley Mouch’s office.


21 posted on 03/01/2012 3:59:47 PM PST by Publius (Tagline for rent. Reasonable rates.)
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To: ColdOne

Oh yeah, that will REALLY help us increase our domestic production. These people have $hit for brains.


22 posted on 03/01/2012 4:00:18 PM PST by beethovenfan (If Islam is the solution, the "problem" must be freedom.)
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To: ColdOne

I don’t think that the profit made by an oil company on a gallon of gasoline should exceed the taxes paid on that same gallon of gasoline.


23 posted on 03/01/2012 4:02:26 PM PST by reg45 (Barack 0bama: Implementing class warfare by having no class!)
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To: ColdOne

That’ll help those gas prices.

After they eliminate depletion allowance and Intangible Drilling Costs.

Yep, that’ll help those gas prices.

God, please let whoever wins the GOP nomination articulate the real facts in a manner even the entitlement population can understand.

Oil & Gas = real jobs

Green = Solyndra, windmills, unicorns


24 posted on 03/01/2012 4:02:48 PM PST by justapicker (I don't want the cheese, I just want out of the trap)
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To: ColdOne
I read though the article and fail to see how taxing windfall profits would lower prices at the pump since the oil companies have no incentive to made a lower margin...if everything over reasonable profits is taxed just how does that lower prices?

Only democrats have such asshats assumptions

25 posted on 03/01/2012 4:03:32 PM PST by Popman (America is squandering its wealth on riotous living, war, and welfare.)
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To: ColdOne

Wasn’t this called the “Anti-dog-eat-dog bill” in the book?


26 posted on 03/01/2012 4:07:32 PM PST by ponygirl
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To: RC2

Apple Computer has had a nice run up and most of their product comes from China, and I sold.


27 posted on 03/01/2012 4:07:32 PM PST by DUMBGRUNT (The best is the enemy of the good!)
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To: Iron Munro

How many times does this scenario have to play out before people “get it”?


28 posted on 03/01/2012 4:09:25 PM PST by trappedincanuckistan (livefreeordietryin)
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To: ColdOne

Is there going to be a reasonable profits panel for Apple, Google and berkshire Hathaway as well?


29 posted on 03/01/2012 4:10:56 PM PST by jersey117 (The Stepford Media should be sued for malpractice)
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To: xjcsa

Whuuut? Sounds like Dennis and the Dems think only Congress Critters get to “vote” on stuff like this.

LOL .... Okay, I’m ready. Hit me with your best shot, Dennis! I’ll “vote” that I need a vacation. I’ll run the wells every other month, “play” when they are down, and (I bet) STILL make as much money as I do now, because you’re “bright idea” will spike crude prices out of sight.

I’m pretty sure that I won’t be alone & We’ll just see who folds first. :)

Pass this bill! I Double Dog Dare ya!


30 posted on 03/01/2012 4:13:06 PM PST by OkiMusashi (Beware the fury of a patient man. --- John Dryden)
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To: ColdOne

How about we lower the federal tax on gasoline first if we really care about “American families”?


31 posted on 03/01/2012 4:17:53 PM PST by machman
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To: Publius

OMG bump!


32 posted on 03/01/2012 4:20:03 PM PST by Jean S
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To: ponygirl
Nope. Anti-dog prevented one company from taking over another in the same or a related industry. Anti-dog is why Rearden had to cancel his option on and intended purpose of buying Fleming's copper property.

This piece of crap is more along the lines of the "Railroad Unification Bill", except that it doesn't have the goobermint setting **prices** directly, only profits. "Only" profits. As if there's any significant distinction over the medium term, eh? Sheesh.

33 posted on 03/01/2012 4:20:39 PM PST by SAJ (What is the next tagline some overweening mod will censor?)
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To: ColdOne

And will this make the price we pay for gas go down?
No
Congress is corrupt


34 posted on 03/01/2012 4:21:53 PM PST by funfan (and his crew)
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To: xjcsa

I was just going to ask if this was the early release of Part II.


35 posted on 03/01/2012 4:24:25 PM PST by Repeat Offender (While the wicked stand confounded, call me with Thy Saints surrounded)
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To: ColdOne
We are getting what we deserve.

36 posted on 03/01/2012 4:30:17 PM PST by I see my hands (It's time to.. KICK OUT THE JAMS, MOTHER FREEPERS!)
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To: ColdOne
“Six House Democrats, led by Rep. Dennis Kucinich (D-Ohio), want to set up a “Reasonable Profits Board” to control gas profits.”

We the People have elected fools. We should be ashamed. FYI, CongressmenDumbA$$es, the more the Oil Companies make the more taxes you DumbA$$es collect.

Chgogal and five neighbors would like to set up a “Reasonable Spending Board” to control federal spending. Me thinks Congressman Mike Quiggley will get a call tomorrow.

37 posted on 03/01/2012 4:32:13 PM PST by Chgogal (WSJ, Kristol, Krauthammer, Rove et al., STFU. Thank you.)
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To: ColdOne

Here ya go, Dennis, try this idea - REDUCE the federal taxes on gas and oil. The government didn’t assume any risk in drilling; the government didn’t assume any risk in transporting the oil; the government didn’t asume any risk in refining the oil into gas; but the government consumes upwards of $0.50/gal in taxes for each gallon of gas sold.

By contrast, the oil companies get somewhere between $0.11 and $0.15 per gallon.

Sooooooooo, who should have to reduce their profit from the sale of gas???

(Since I know you aren’t too sharp, Dennis, here’s a hint - it SHOULDN’T be the oil companies!!)


38 posted on 03/01/2012 4:35:01 PM PST by DustyMoment (Congress - Another name for white collar criminals!!)
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To: Chgogal

Just in case some misunderstand my post, the more you tax the less you get.


39 posted on 03/01/2012 4:35:05 PM PST by Chgogal (WSJ, Kristol, Krauthammer, Rove et al., STFU. Thank you.)
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To: ColdOne

What we are seeing is communism in action.
These guys should be hung for even suggesting
such a thing.


40 posted on 03/01/2012 4:37:18 PM PST by tet68 ( " We would not die in that man's company, that fears his fellowship to die with us...." Henry V.)
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To: ColdOne

OLD NEWS

From Jan. 20, 2012

http://www.freerepublic.com/focus/f-news/2835571/posts


41 posted on 03/01/2012 4:37:43 PM PST by Roccus
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To: ColdOne
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.

Exactly where in the Constitution of the United States does any of the 4 branches of government deem this right to be granted? I certainly haven't been able to find where the house or senate, judicial, executive, or propaganda branches of the government are granted those powers.

And while Washington, DC is quickly becoming a "Constitution Free Zone," maybe the oil companies should demand "equal protection under the law," and have their lobbyists write legislation or executive orders on "reasonable profits" for say, the computer software industry, the entertainment industry, sports franchises, etc.

One thing is for sure... Place a 100% "windfall profit tax" on any product, and you will see a ceiling placed on the production of that product, since there's no reason to work for 0% profit, while still incurring operating costs. A sure way to boost prices, but then again, as the Energy Enemy Chu said, they don't want to bring down the cost of energy. They want to boost it to a point where their economically unfeasible "alternatives" become competitive. So expect $15 a gallon gasoline, if they get their way... And expect everything else to skyrocket too. How about $12 a dozen eggs, $16 loaf of bread, etc... They will hit or exceed those prices when diesel fuel hits $20 a gallon.

Mark

42 posted on 03/01/2012 4:37:58 PM PST by MarkL (Do I really look like a guy with a plan?)
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To: reg45

I believe you have those reversed. The per-gallon profit on a gallon of gas is already lower than the taxes on it.


43 posted on 03/01/2012 4:38:21 PM PST by Texas Mulerider (Rap music: hieroglyphics with a beat.)
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To: trappedincanuckistan
How many times does this scenario have to play out before people “get it”?

Obama Oil Policy


44 posted on 03/01/2012 4:39:51 PM PST by Iron Munro ("Don't pick a fight with an old man. If he is too old to fight he'll just kill you." John Steinbeck)
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To: trappedincanuckistan
How many times does this scenario have to play out before people “get it”?

Every generation, once the majority of voters have forgotten how badly these things always end.

Mark

45 posted on 03/01/2012 4:41:38 PM PST by MarkL (Do I really look like a guy with a plan?)
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To: ColdOne

Time to re-read this article: From the Wall Street Journal ‘Atlas Shrugged’: From Fiction to Fact in 52 Years

http://online.wsj.com/article/SB123146363567166677.html


46 posted on 03/01/2012 4:41:43 PM PST by radioone
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To: ColdOne
Gee, no mention of regulating gross income of lawyers, non-profit CEO’s or Hollywood producers.

And I don't mean net income ...

47 posted on 03/01/2012 4:43:02 PM PST by texas booster (Join FreeRepublic's Folding@Home team (Team # 36120) Cure Alzheimer's!)
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To: Texas Mulerider

So, the profit made by the oil companies should be allowed to increase to the level of the taxes paid. Or perhaps the taxes should be cut to the level of the oil company profits.


48 posted on 03/01/2012 4:43:22 PM PST by reg45 (Barack 0bama: Implementing class warfare by having no class!)
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To: Publius

Atlas Shrugged was the first thought that pinged my head when I saw the headline.
Would you please add me to your Atlas list?


49 posted on 03/01/2012 4:50:15 PM PST by BlueCat
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To: BlueCat

Added!


50 posted on 03/01/2012 4:53:25 PM PST by Publius (Tagline for rent. Reasonable rates.)
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