Congressman Proposes that Government Establish a "Reasonable Profits Board"

NEALZ NUZE ^ | MAY 23, 2008 | NEAL BOORTZ

[Turret Gunner A20]

Politicians have been coming up with all sorts of fancy schemes to combat the current gas prices ... they've done everything except actually come up with a logical, long-term solution. But this hairball scheme, out of all the schemes out there, might be the most ridiculous to date.

Here are the basics:

http://www.taxfoundation.org/blog/show/23183.html

** Representative Paul Kanjorski is a Democrat from Pennsylvania. His plan would establish a "Reasonable Profits Board" in which the government will determine whether or not a company's profits are excessive.

** H.R. 5800 would tax industries' windfall profits. The bill would set up a Reasonable Profits Board to determine when these companies' profits are in excess, and then tax them on those windfall profits.

** As oil and gas companies' windfall profits increase, so would the tax rate for those companies.

** Kanjorski said his legislation will encourage oil companies to lower prices to prevent them from receiving higher tax rates.

How completely asinine is this jerk's idea? Clearly he was educated in the same Marxist school as Barack Obama and these other liberals who despise the idea of the free market.

I'm not through with this crackpot idea yet. I know many of you have read "Atlas Shrugged." Now maybe I'm wrong, but wasn't there a similar government entity in that epic book? It's been a while since I read it, but I would swear that this Kanjorski idea was lifted straight from that book.

Remember --- for politicians like Kanjorski, you really only allowed to earn profits selling something or providing some service that the people don't actually need.

Just how long do you think it would take for politicians - anti-capitalist politicians - to start working to add other consumer items to the jurisdiction of the Reasonable Profits Board? The pressure would certainly be on to get food added ASAP. Then it would be pharmaceuticals. Oh ... and if you'll remember that story from earlier in the week about "affordable" weight loss clinics ... let's add those too.

Idiots like this Kanjorski need a little more attention from you.

Here's his web page http://kanjorski.house.gov/

[Turret Gunner A20]

Unbelieveable!! But then, he is a democrap -- what else could you expect?

[mkjessup]

This idiot must have graduated from a Marx-Lenin collectivist mail order course in centralized planning.

Hey Comrade?

Was your diploma in English, or in Russian?

[MNJohnnie]

$.10 a gallon is the profit the Oil companies make on a gallon of gas. $.70 or more is the taxes the govt takes on the same gallon.

Maybe we should have a Reasonable Taxes Boards instead.

[kittymyrib]

How about an “Excessive Government Taxation Board” that would find out just how much benefit taxpayers are getting from the TRILLIONS of dollars we send to the most profligate buffoons elected to the federal government in the history of this republic?

[henkster]

I’ll bet this guy never worked a day in the private sector. He doesn’t realize that the last major country this was tried (USSR) went out of business. Probably because it’s a really bad business plan.

[freespirited]

This idea will vanish as soon as the people demand a Reasonable Legal Fees Board.

[Fox_Mulder77]

If this continues I see America becoming a socialist state in a few years.

[MNJohnnie]

Was this idiot not around in the 1970s? This is a Carter Regime style “windfalls profits” gimmick. It would result in gas lines, shortages and rationing. It will not reduce the price of gas even $.01 a gallon.

[Mr. Jeeves]

Straight out of “Atlas Shrugged”. I wonder if this guy read it and thought it was a Democrat policy manual?

[penowa]

Just a little peak at what the next administration will look like...and don’t think it will matter one whit if it’s McCain or Obama at the helm.

[stockpirate]

You need to go and read this article at:

http://mises.org/story/47

And you just may see things differently.

[mek1959]

Holy cow, this follows right after my post on Maxine Waters. Man, the the socialists feel empowered, but then again, look who we have in our corner......McCain.

We’ve got nothin but trouble coming.

[andy58-in-nh]

See: Directive 10-289.

Once again, Ayn Rand told you so.

[SoCal Pubbie]

Look, I know this is an insane and evil idea, but if the "excess profits" are based on dollar amounts, rather than percentage, which they'd have to be or there would be no excess, then the oil companies could easily avoid paying by splitting up into separate firms. A different company for every step in production.

[Michael.SF.]

Fine. We will settle on 12%.

(and watch the price of gas and food go up)

[kitchen]

This, my friends, is national socialism - government management of the privately owned means of production - nazi for short.

[woollyone]

Ayn Rand is giggling with prophetic delight.

[Michael.SF.]

"Reasonable Profits Board"

Been there, done that:

[Former War Criminal]

Will grifters from Arkansas be subject to scrutiny?

[blackdog]

First profiteer I want inserted in the bill as the first brought before the “Reasonable Profits Board”, is all congress critters, senators, both federal and state. Their profits are obscene. Especially the ones who take bribes from OPEC bag men to derail domestic energy development.