This is bad news. I don’t want Chris Dodd deciding what a fair profit is. I don’t like high gas prices either, but don’t think the solution is limiting oil company profits to a “fair” level.
Next they will go to Wal-Mart, or other retailers, and limit their profits. Next, supermarkets, or car dealers, or virtually any kind of business. And don’t forget healthcare, as they want to take that over entirely.
Is this a back door way to increase government spending? If the limits on profits involve windfall profit taxes, then doesn’t the alleged obscene profit simply go to the government rather than the shareholders of the company? Am I missing something here?
The WPT will have the effect of eliminating all profits, so there won't be and "windfall" to tax...............
Kernan then emphasized the point. “That’s not the way it’s done in this country, senator. It could never be done that way, could it?”
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“Yes, it could be,” Dodd said.
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Dodd also made the extraordinary statement that these taxes should be taken from the oil companies and invested in other sources of energy or be given back to consumers in the form of a rebate.
I just called Dodds office and asked if it was true that he sup[ported windfall profits tax. The young lady said he did. I said, “Great, my company is about to declare bankruptcy. I am sure he also supports giving the windfall tax profits to me to keep my business from collapsing.”
She said, “I am not sure what his position is in your case.”
Being retired is so much fun. I can pester these doods all day long.
Classic Marxism/Fascism.
Dictate what the prices are to be for any good or service.
When the suppliers of that good or service won’t/can’t sell it for that price, arrest/execute them as “hoarders”.