Democrats’ first step in regulating profits of all businesses

Flopping Aces ^ | 01-19-12 | DrJohn

[Starman417]

Dennis Kucinich is arguably one of the most anti-American members of the United States Congress and seems continuously determined to prove it. He has introduced a plan to regulate oil company profits- or, rather to prevent them.

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.

No one from the industry will have a say in what is "reasonable."

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."

The funds seized from the oil companies would be thrown down the "alternative" toilet

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.

Those supportive of this legislation are the usual brain dead groups:

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.).

There is no doubt that were this effort to succeed, it would be only the tip of the spear into the heart of American business and industry. Democrats would love nothing better than to impose regulations on the profits of all business in the US, deeming what is reasonable and what is unreasonable. And you would have absolutely no voice for your business.

[Psycho_Bunny]

It’s going to be spectacular when all this bs finally backfires.

[Walrus]

There may be a bigger joke in Congress than Dennis Kucinich, but I doubt it.

[JimSEA]

We have to understand that progressives don’t want a capitalist economy. They don’t even want a pseudo capitalism like China. Don’t worry thought the elite, political and Hollywood will not suffer as long as they help things along. Someone has to run things. Maybe John Corzine will be an industry head when he finishes up his current misunderstanding?

[the anti-liberal]

From 2007, ought to be updated for 2012:

[Fledermaus]

Ayn Rand sure got these evil bast*rds right.

[andy58-in-nh]

It’s going to be spectacular when all this bs finally backfires.

War is always spectacular. And that is where we are headed unless producers decide to stop producing what the looters will otherwise take by force. That, or slavery. Do you really think the collectivists will settle for half measures? They want it all, and will use every tool at their disposal to get it. But their vulnerability is that the wealth they desire - they could never themselves create. Collectivists depend on the productive ability and virtue of others and their own ability to cash in on undeserved guilt. Deny them. Withdraw from the grid. It's the only way to stop thieves who falsely pretend to be humanitarians. That - or force.

[EGPWS]

"Reasonable Profits Board"

Sounds like a perfect "freedom" plan as dictated by the United States Constitution to me.

I think it's time that government starts divvying out their money to give some reasonable profits to independent companies for a change.

The government owes it to them after all.

[PubliusMM]

Yet again, Dennis “the Menace” Kookcinich brings shame and derision on the Buckeye state.
The man is certifiably looney, and still the sheeple up near the Mistake by the Lake keep sending him back to Congress.

[antidemoncrat]

Once again the Democrats appear to have only one solution to problems: Higher taxes. Then of course they have to spend even more so they can tax even more.

[TribalPrincess2U]

And my grandson wondered why I said I would close my business when 0 took over.

[Figment]

The man is certifiably looney, and still the sheeple up near the Mistake by the Lake keep sending him back to Congress.

Yeah, it wasn’t enough that he bankrupted Cleveland when he was mayor. They now see fit to foist him off on the nation to help bankrupt us all

[Nebr FAL owner]

This is straight out of Mussolini’s fascist Italy . The state will determine what may be sold ,how much it will sell for , who will be allowed to produce what & at what profit margin any profits arbitrarilly deemed excessive will be siezed by the state for the states(the dirty politician) use. Pay attention folks things will get a whole lot worse before they get better.