Please define "reasonable profits"

Straight out of Atlas Shrugged...


Well, the democrats believe they’ve got it all figured out…

Dems propose ‘Reasonable Profits Board’ to regulate oil company profits

The Hill: 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. (Yeah, riiiight).  “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.”
Specifically, he said the money would be used to fund a tax credit on the purchase of fuel-efficient cars and set up a grant program for mass transit programs when oil-and-gas prices are high.
Co-sponsoring the bill are five other Democrats: Reps. John Conyers Jr. (Mich.), Bob Filner (Calif.), Marcia Fudge (Ohio), Jim Langevin (R.I.), and Lynn Woolsey (Calif.).
You know what’s creating a hardship for the American people?  The idiots in DC that can’t get spending under control.
Seriously, what country am I living in?  Since when do the government tools get to regulate and decide what is a “reasonable profit”?  Does that mean they’re going after Microsoft?  After all, seems Bill Gate made quite a killing off that, many might deem unreasonable due to the riches he has acquired.  Starbucks?  Other companies that make a profit, thereby satisfying their creditors, employees, and shareholders?  When would the madness and their ability to determine “reasonable profit” stop?  I’ll tell you when – NEVER.  Give them an inch and the government will take a mile, and drain you of all taxes/monies they possibly can.
You just can’t make this stuff up.
DCG

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0 responses to “Please define "reasonable profits"

  1. Ah, the grand illusion : money,power,control….those who seek it
    are never satisfied…millions,billions,trillions and first thing you know,
    you’re talking REAL money.

     
  2. No doubt, the Reasonable Profits Board will be staffed by stony-faced commie apparatchiks like Doctor Zhivago’s icy Strelnikov, masterfully played by Tom Courtenay:

     
  3. If this insanity goes through, America, as founded, is finished because the commies won’t stop with the oil companies.
    -Dave

     
  4. Companies make “too much” profit based entirely on how the board feels abou them, apparently… do the companies give enough to Greenpeace? do they know George Soros? do they contribute (heavily) to the DNC?

     
  5. We had an Office of Price Controls during WW II.
    Dr Eowyn: My favorite quote from that scene: Zhivago: “Your point. Their village”.

     
  6. “In the end the Party would announce that two and two made five, and you would have to believe it. It was inevitable that they should make that claim sooner or later: the logic of their position demanded it. Not merely the validity of experience, but the very existence of external reality, was tacitly denied by their philosophy. The heresy of heresies was common sense.”
    –George Orwell, “Nineteen Eighty-Four”

     
    • “Freedom is the freedom to say that two plus two make four. If that is granted, all else follows.”
      –George Orwell, “Nineteen Eighty-Four”

       

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