Lunatic Democrats Propose “Reasonable Profits Board” to Regulate Oil Company Profits

Posted by on Jan 19, 2012 at 12:55 pm

How about a Reasonable Term Limits Board to regulate Congressional Marxists?

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.

A 100% tax and no specific guidance. Why, sure, that sounds reasonable!

These folks sure are easy to work with, huh?

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.

Oh, so the very reasonable president would appoint three reasonable people to represent him.

Sounds reasonable to me. Why, only far-right extremists would oppose such reasonable measures.

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.”

Yeah, why bother involving the bad guys whose money they’re looking to confiscate. Sounds reasonable.

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.

This is Orwellian.

H/T Andy.

7 Responses to “Lunatic Democrats Propose “Reasonable Profits Board” to Regulate Oil Company Profits”

  1. Soxfan4life on 19/19/12 at 1:06 pm

    Being that they make about 8% we should expect to see a windfalls profit tax on Microsoft products Coca Cola and other products who run on a higher profit level.

  2. Drumwaster on 19/19/12 at 4:43 pm

    I propose a “spending limitation tax”. If politicians exceed the spending level permitted by total receipts at 100% to 102% of the previous year’s spending level, up to 50% of their personal assets can be seized. If between 102 and 105%, then up to 75% of their assets will be seized, and if spending exceeds 105%, then they forfeit 100% of their total current assets plus a surcharge of an additional 25%, to be paid out of future income.

    Who’s with me?

  3. RichK on 19/19/12 at 7:40 pm

    Sadly Drum…, that will never fly but ths turd sandwich is an actual bill before congress. Vote Obama 2012 and live to see the day your country died.

  4. Blue Hen on 20/20/12 at 11:53 am

    Can we expect to see a windfall tax on all stock transactions conducted by members of Congress and their families? No? Fancy that.

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