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."
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.
"Gas prices continue to rise, creating a hardship for the American people," he said. "At the same time, oil companies are making record profits gouging their customers. This bill would tax only the excess profits and create forward-thinking transportation alternatives."http://thehill.com/blogs/floor-action/house/205085-dems-propose-reasonable-profits-board-to-regulate-oil-company-profits
When the INSANE are running the ASYLUM In individuals, insanity is rare; but in groups, parties, nations and epochs, it is the rule. -- Friedrich Nietzsche
“How fortunate for those in power that people never think.” Adolph Hitler
"Approval ratings go up and down for various reasons... An example is the high post 911 support for GWB even though he could be said to be responsible for the event." --- Box A Rox '9/11 Truther'
Melania is a bimbo... she is there to look at, not to listen to. --- Box A Rox and his 'War on Women'
if there is the board of reasonable - profits,,,,will there be a board for resonable - poorness?
I dont get it???? help me here.....the board decides on it's take? it's shakedown rules? what?
when American's complain about gas prices and yet support NASCAR pumpkin heads, or even the NFL/NBA/MLB etc etc by purchase of the $100 jersey/tickets/pay per view etc......I fail to see the relevence of this board of reasonable profits......
anyone have a thought?
they are just regulating one industy to protect/equalize another industry.....it really doesn't matter how much we pay at the pumps.....we will always be in 'that bracket'....our illustrious elected states-folk will keep it that way.....they are NOT SHARING.....they are regulating for someone/thing other than us......and it has to do with TRADE/SANCTIONS/TARIFFS.....NOT US........
...you are a product of your environment, your environment is a product of your priorities, your priorities are a product of you......
The replacement of morality and conscience with law produces a deadly paradox.
STOP BEING GOOD DEMOCRATS---STOP BEING GOOD REPUBLICANS--START BEING GOOD AMERICANS
if there is the board of reasonable - profits,,,,will there be a board for resonable - poorness?
I dont get it???? help me here.....the board decides on it's take? it's shakedown rules? what?
when American's complain about gas prices and yet support NASCAR pumpkin heads, or even the NFL/NBA/MLB etc etc by purchase of the $100 jersey/tickets/pay per view etc......I fail to see the relevence of this board of reasonable profits......
anyone have a thought?
they are just regulating one industy to protect/equalize another industry.....it really doesn't matter how much we pay at the pumps.....we will always be in 'that bracket'....our illustrious elected states-folk will keep it that way.....they are NOT SHARING.....they are regulating for someone/thing other than us......and it has to do with TRADE/SANCTIONS/TARIFFS.....NOT US........
trying for a thought but you coverd it pretty well here....
We didnt come this far to get this far. random 12 year old
A slave is someone that waits for someone else to free him. Ezra Pound
The government is just looking for more places to steal money from, when they run out of businesses the taxpayer will be next because it will be an emergency.
if they were so worried about the poor poor plebs and the pump prices then maybe they will call up the Hilton's and explain their reasonable solution at getting the homeless into Hilton hotels......
...you are a product of your environment, your environment is a product of your priorities, your priorities are a product of you......
The replacement of morality and conscience with law produces a deadly paradox.
STOP BEING GOOD DEMOCRATS---STOP BEING GOOD REPUBLICANS--START BEING GOOD AMERICANS
It's your typical smoke and mirrors....dog and pony show. The government wants the sheople to believe that they are doing all they can to keep prices down by going after corporate American. When all the while, they are taxing us to death, squandering our money to support their greed/political motivation/agenda problem, destroying our health care and creating an unsustainable debt.
The price of oil is miniscule in comparison!!
Don't believe the rhetorical hype!
When the INSANE are running the ASYLUM In individuals, insanity is rare; but in groups, parties, nations and epochs, it is the rule. -- Friedrich Nietzsche
“How fortunate for those in power that people never think.” Adolph Hitler
'Reasonable Profits Board' VS 'jobless recovery'..........
Quoted Text
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.
...you are a product of your environment, your environment is a product of your priorities, your priorities are a product of you......
The replacement of morality and conscience with law produces a deadly paradox.
STOP BEING GOOD DEMOCRATS---STOP BEING GOOD REPUBLICANS--START BEING GOOD AMERICANS
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