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Dems propose 'Reasonable Profits Board' to regulate oil company profits - The Hill's Floor ActionDems propose 'Reasonable Profits Board' to regulate oil company profits
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.
Dems propose 'Reasonable Profits Board' to regulate oil company profits - The Hill's Floor ActionDems propose 'Reasonable Profits Board' to regulate oil company profits
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.
Oh -- but they -arent- socialists. Thank God this is DOA.
Who ever thought that the US would reach the point where the government could decide how much profit you can make and take from you any profit beyond that point?
Dems propose 'Reasonable Profits Board' to regulate oil company profits - The Hill's Floor ActionDems propose 'Reasonable Profits Board' to regulate oil company profits
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.
Oh -- but they -arent- socialists. Thank God this is DOA.
Who ever thought that the US would reach the point where the government could decide how much profit you can make and take from you any profit beyond that point?
All of these terms translate to 'whatever liberals think wealthy people should be allowed to have"."reasonable profit" "fair share" "wealth inequality" "more fair"
We've jumped the shark, folks.
All of these terms translate to 'whatever liberals think wealthy people should be allowed to have"."reasonable profit" "fair share" "wealth inequality" "more fair"
We've jumped the shark, folks.
Nah. So long as governmnt takes care of them and makes their decisions for them, they will be happy.it appears that is what the masses are starting to demand though. So we'll have a command economy in its most damning form adn all eat the shit sandwich the planners serve up. When will we wake up? Never. Unless by "waking up" one does so as a serf to work the land they once owned.....All of these terms translate to 'whatever liberals think wealthy people should be allowed to have"."reasonable profit" "fair share" "wealth inequality" "more fair"
We've jumped the shark, folks.
GREATER INCOME / LESS WORK!!!
"General economic theory holds that companies will produce more of a good if its price is higher, or if it receives subsidies. Funny that these rules didnt seem to apply to Big Oil in 2011, when the highest oil price since 1864 and $2 billion in subsidies to the five largest oil companiesBP, Chevron, ConocoPhillips, ExxonMobil, and Royal Dutch Shellyielded lower oil production than in 2010. But these five oil companies combined made a record-high $137 billion in profits in 2011up 75 percent from 2010and have made more than $1 trillion in profits from 2001 through 2011. This exceeds the previous record of $136 billion in profits in 2008."
"reasonable profit" "fair share" "wealth inequality" "more fair"
We've jumped the shark, folks.
