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Dems propose 'Reasonable Profits Board' to regulate oil company profits
The Hill ^ | 3/1/12 | Pete Kasperowicz

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 ...


TOPICS: Crime/Corruption; Government
KEYWORDS: fasciststate; iran; iranlobby; kucinich; marxiststate; oilindustry; profitsboard
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To: JmyBryan

No, they a Communists. They believe in State owned and run everything. That is Communism.


61 posted on 03/01/2012 5:30:09 PM PST by CodeToad (NO TAXATION WITHOUT REPRESENTATION!!!)
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To: ColdOne

How about a “Reasonable Profits Board” to control bribe taking and sweetheart deals by congresscritters?


62 posted on 03/01/2012 5:36:11 PM PST by magslinger (If I wanted to vote for a Commie I would vote for Obammie. He has a chance of winning.)
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To: ColdOne

The central planners learned nothing in 2010.


63 posted on 03/01/2012 5:37:28 PM PST by jwalsh07
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To: ColdOne

I’d rather a “reasonable gov’t retirement board”.


64 posted on 03/01/2012 6:06:28 PM PST by IM2MAD
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To: IM2MAD

Oops. I’d rather HAVE....


65 posted on 03/01/2012 6:07:58 PM PST by IM2MAD
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To: Publius

Oh, yeah. But what, after all, could be more American than “from each according to his ability to each according to his need”? I think Washington said that. No, it was Jefferson. Well, it’s in the Constitution somewhere, isn’t it?


66 posted on 03/01/2012 6:16:59 PM PST by Billthedrill
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To: Billthedrill

28th Amendment.


67 posted on 03/01/2012 6:18:01 PM PST by Publius (Tagline for rent. Reasonable rates.)
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To: Publius

Thanks for the ping!

Always good to know that my government is looking out for my best interests!


68 posted on 03/01/2012 7:45:02 PM PST by Taxman (So that the beautiful pressure does not diminish!)
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To: Publius

Would you please add me to your Atlas list also!!! Best book ever
written!! So hard to believe we are actually living it!!!


69 posted on 03/01/2012 8:15:54 PM PST by Kit cat (OBummer must go)
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To: Kit cat; Publius

It’s like watching a movie.....

It’s a shame we know how it ends.........;^)


70 posted on 03/02/2012 6:19:32 AM PST by Red Badger (If you are unemployed long enough, you are no longer unemployed.)
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To: ColdOne

Exxon’s profits are always reported in the $Billions. Whatever they end up being...It always sounds so big and impressive! The reality is that their margin was something around 8%, which is much less than the left’s favorite company of Apple. Apple’s margin is in the range of 30%...

Hmm, who is the one “gouging” their customers?

If an 8% return is “unreasonable” then why do the unions expect more of that in their pension investment funds?


71 posted on 03/02/2012 6:31:56 AM PST by CSM (Keeper of the "Dave Ramsey Fan" ping list. FReepmail me if you want your beeber stuned.)
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To: Publius

I received the Atlas Shrugged, Part I, DVD as a Christmas gift, but I haven’t had time to watch it yet. Meanwhile, this month, a local community college will be featuring a showing of it followed by a discussion with the producer. I’m thinking of attending... although it does seem ironic that this movie will be promoted at a government-subsidized institution of learning...


72 posted on 03/02/2012 5:44:12 PM PST by Tired of Taxes (Every day is a blessing.)
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To: ColdOne

Slippery slope ping


73 posted on 03/02/2012 5:50:23 PM PST by wyokostur
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bts


74 posted on 03/04/2012 9:22:23 AM PST by Clinging Bitterly (We need to limit political office holders to two terms. One in office, and one in prison.)
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To: circlecity
So, the Dems response to high gas prices is to nationalize the oil industry. Yeah, that’ll help.

Short of nationalizing, Democrats propose taxing the crap out of the companies to bring down fuel prices. Upon what planet do these idiots live?

75 posted on 03/04/2012 9:29:01 AM PST by Cyber Liberty ("If the past sits in judgment on the present, the future will be lost." --Winston Churchill)
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