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Dems propose 'Reasonable Profits Board' to regulate oil company profits
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.
Isn't that just a cute little name they gave for stealing other people monies?
Reasonable profits board.
Isn't that just a cute little name they gave for stealing other people monies?
Reasonable profits board.
Straight out of a dystopian nightmare....you can't make this shit up.
Dems propose 'Reasonable Profits Board' to regulate oil company profits - The Hill's Floor Action
Dems propose 'Reasonable Profits Board' to regulate oil company profits
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.
Sickening.....
Straight out of a dystopian nightmare....you can't make this shit up.
Dems propose 'Reasonable Profits Board' to regulate oil company profits - The Hill's Floor Action
Dems propose 'Reasonable Profits Board' to regulate oil company profits
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.
Sickening.....
No. It's a cute little name for facilitating equitable distribution of the Nation's wealth resources. It's a way to impose controls on some of the greedy bastards who have been sabotaging American society for the past three decades.Isn't that just a cute little name they gave for stealing other people monies?
Reasonable profits board.
No. It's a cute little name for facilitating equitable distribution of the Nation's wealth resources. It's a way to impose controls on some of the greedy bastards who have been sabotaging American society for the past three decades.Isn't that just a cute little name they gave for stealing other people monies?
Reasonable profits board.
If I had my way every penny in accumulated personal assets would be confiscated by IRS and a lot of Wall Street sharks and bankers would be on their way to Leavenworth.
Have I ever told you Communists are stupid? True story.No. It's a cute little name for facilitating equitable distribution of the Nation's wealth resources. It's a way to impose controls on some of the greedy bastards who have been sabotaging American society for the past three decades.Isn't that just a cute little name they gave for stealing other people monies?
Reasonable profits board.
If I had my way every penny in accumulated personal assets would be confiscated by IRS and a lot of Wall Street sharks and bankers would be on their way to Leavenworth.
Notice the bill's sponsors.
This is the far-right equivalent of the laws that are proposed in Congress each year like completely banning abortion - nothing more than rhetoric.
No. It's a cute little name for facilitating equitable distribution of the Nation's wealth resources. It's a way to impose controls on some of the greedy bastards who have been sabotaging American society for the past three decades.Isn't that just a cute little name they gave for stealing other people monies?
Reasonable profits board.
If I had my way every penny in accumulated personal assets would be confiscated by IRS and a lot of Wall Street sharks and bankers would be on their way to Leavenworth.
"Equitable distribution of the Nation's wealth"?
Then why is the petroleum industry singled out?
Profit margins for this industry are far down the list of all industries/services.
"Three decades of sabotage"?
Let's see... that would include 1999, when oil was $10/barrel and gasoline was $1/gallon.
You're funny.
