Posted on 01/19/2012 11:33:44 AM PST by Sub-Driver
Dems propose 'Reasonable Profits Board' to regulate oil company profits By Pete Kasperowicz - 01/19/12 10:20 AM ET
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.).
Ping.
I swear they must be using Atlas Shrugged as a guidebook.............
I was thinking of starting a board called “The Reasonable and Prudent White House Expenditure Board” to regulate the expenses for White House party’s, vacations, plane travel, staff, and renovations.
Yep, that sounds about right.
Hey comrades, that sounds good.
No kidding....How AMERICAN’s aren’t OUTRAGED and in the streets calling for Dems to be Ousted in mass is beyond me. I wonder who they would pick to head the Committee? Someone from the Occupy movement?? OBAMA MUST BE DEFEATED in NOVEMBER!
Wow, wasn’t the excess profits tax, a Jimmy Carter invention?
I just saw this headline in the sidebar. My first reaction was “of course.” If anyone wants proof that the democrats are communists, this is it. The problem is, most of our economically and politically ignorant electorate will think its a good idea.
beat me to it...last i recall the fed tax, not counting all other leeching entities, is nearly double the profits that the companies get to keep...???
theres a reason pols used to be tarred, feathered and used as lampost decor...
How about a Congressional Responsibility Board which would enforce a statute that Congressional salaries are zeroed out in any year in which the Federal Government spends more than it takes in.
Do you remember seeing that tape of Maxine Waters saying that “We are going to take over the oil companies, we are going to socialize the oil companies” Well, this is as close as they can come right now, take over the profits of the oil companies.
Holy sh!t I hate these effin douchenozzles. Regulate oil company profits? These companies (and their shareholders) take all the risk, do all the work, fight the gubermint interference and tree-hugging douches along the way, and MAYBE eek out ten cents per gallon profit for providing an essential product. Then, AFTER THROWING UP ONE ROADBLOCK AFTER ANOTHER between the company and its dime, these hypocrites STEAL anywhere from what, 30-60 cents per gallon depending on which state you're in?
Why don't they tell WE THE PEOPLE the truth for a change. Gubermint the greedy thief here...lining its pockets for doing NOTHING. That they have the brass balls to villianize the oil companies over gas prices is unforgiveable. /rant off
How are they going to “control price”? No one can do that.
They’ll probably get their way. This is Obamaland after all.
Now go pay your taxes - your government is broke. :)
I believe this is exactly what happened when "price controls" were put in effect on gasoline in HI, and of course, there's the classic example of NYC's "rent control."
Mark
Exactly what came to my mind!
“does not the govt collect more from the sale of a gallon of gas than the oil company makes in profit?”
Shhh....
You aren’t supposed to mention that!
You don’t want to be sent off for re-education, do you?
Speak carefully, comrade!
Somewhere between Atlas Shrugged and 1984.
another creep towards MARXISM by the MARXISTS in Washington.
I propose that the communist scum be run out of office !
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