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

Discussion in 'Politics' started by bripat9643, Jan 19, 2012.

  1. bripat9643
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    bripat9643 Diamond Member

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    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
    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."

    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.

    The bill does not estimate the size of these grants or the amount of money that might be collected through the tax.

    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.)
     
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  2. DaGoose
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    DaGoose Gold Member

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    It's about fucking time. All I can ask is "What took so long"? :eusa_eh:
     
  3. bripat9643
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    bripat9643 Diamond Member

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    I knew you would be in favor of the most idiotic bill ever sponsored by a Congressman.
     
  4. LordBrownTrout
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    LordBrownTrout Gold Member

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    Good thing this bill will be headed to the trash shortly.
     
  5. Full-Auto
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    Democrats can kiss our collective ass.

    Do they even understand the concept of liberty?
     
  6. Full-Auto
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    I should add the last time democrats were concerned about high gas prices on the poor they raised the tax.

    Wa St. The cure for all of our transportation needs.... Until this year..an extra ten cents a gallon was not enough. Cronies need to be paid.
     
  7. Amelia
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    Amelia BANNED

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    Are they going to promise to prop up the oil companies if oil profits dip below a certain threshold?



    I remember when I was young and Oklahoma faced a windfall profits tax. Nobody rushed to help Oklahoma when times got bad.



    And then again when California mismanaged their energy reserves and had to import energy from Oklahoma and one of our companies tried to make a profit on that, California sued.



    I really have hard feelings toward liberals over this. Their policies constrict the economy but if someone finds a way to make a profit anyway, they have to find a way to punish that.
     
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    Last edited: Jan 19, 2012
  8. Quantum Windbag
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    Quantum Windbag Gold Member

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    It took this long to find 6 people stupid enough to put their names on it?
     
  9. WillowTree
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    WillowTree Diamond Member

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    tell us again about how they're "not marxist"?
     
  10. imbalance
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    imbalance Silver Member

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    Because this wouldn't lead to inevitable lobbying/corruption.
     

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