‘I leave it up to the government to make good decisions’
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 ...
Which other company will they try and control? A company that competes with GE?
Why did figure Kucinich is behind something like this.
Gee. Knock me over with a feather.
Right good idea. Controlling “big oil” worked so well during the first Carter administration, (this being the second).
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.
Dennis the Menace at it again.
‘I leave it up to the government to make good decisions’
So, the Dems response to high gas prices is to nationalize the oil industry. Yeah, that’ll help.
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.
How bout “Reasonable Term Limits” for these asshats?
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.
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...
Beat me to it.
NO GO! (Gov’t OIL!)
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.
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.
Can the Ministry of Peace be far behind?
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.
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