Uh-Uh! A Democratic sponsored bill would set up a board to regulate oil profits. Of course this same board would soon move to other “evil” profits, and then, well about those personal profits…….
It might sound like something you would read about in Atlas Shrugged–the Anti-Dog eat Dog Bill or the Equalization of Opportunity Bill–but sadly this idea of creating a “Reasonable Profits Board” to gain greater control on oil industry profits is being introduced by six Democrats in the House. In case you were wondering, the six Democrats are; Dennis Kucinich, John Conyers Jr., Bob Filner, Marcia Fudge, Jim Langevin, and Lynn Woolsey. The bill would create this board which would be charged with implementing a “windfall profit” tax on the oil companies, up to 100%, after they reach what this unelected board (the three members would be chosen by the president) decided was a reasonable profit. However the bill doesn’t define what a reasonable profit is, that would be left up to the three member panel. And the money will then be spread around by the government and used to invest in alternative energy.
Oh Boy! Is this the ultimate Leftist wet dream or what? The Hill has some more specifics
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.
Folks, these people are Marxists, there is no other word that suits their intentions and schemes. They are the worst type of snake oil salesmen .Like I said at the start, they will eventually love to bring this to you, and your paycheck! Or perhaps your property? I mean, they would, I am sure, find it perfectly reasonable to dictate how much land, or how many homes, cars, etc you own.