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Profit Regulation Proposed

loboloco

Well-known member
Yep, a board to regulate reasonable profits. This is straight out of the socialist handbook.

Excrpt from the article below. More at link.
http://thehill.com/blogs/floor-acti...profits-board-to-regulate-oil-company-profits



Dems propose 'Reasonable Profits Board' to regulate oil company profits


By Pete Kasperowicz - 01/19/12 10:20 AM ET
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."
 

muleman

Gone But Not Forgotten
GOLD Site Supporter
Who in the hell do they think ends up paying these BS taxes? Everybody who uses the product! Companies just pass them along.:hammer:Big brother trying to protect us from ourselves.
 

loboloco

Well-known member
From the article, this would basically be a confiscation of profits 'after the fact'. My question is, who defines reasonable? The market? The oil companies? The politicians?
Which would you trust to get it right?
 

bczoom

Super Moderator
Staff member
GOLD Site Supporter
They're a bunch of asses. Ummm, how about they get the tax out of the gas. They make more per gallon then any gas company. THEY'RE the ones that take the most profit.
 
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