Dennis Kucinich is arguably one of the most anti-American members of the United States Congress and seems continuously determined to prove it. He has introduced a plan to regulate oil company profits- or, rather to prevent them.
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.
No one from the industry will have a say in what is “reasonable.”
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.”
The funds seized from the oil companies would be thrown down the “alternative” toilet
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.
Those supportive of this legislation are the usual brain dead groups:
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.).
There is no doubt that were this effort to succeed, it would be only the tip of the spear into the heart of American business and industry. Democrats would love nothing better than to impose regulations on the profits of all business in the US, deeming what is reasonable and what is unreasonable. And you would have absolutely no voice for your business.
Kucinich’s umbrage is nothing but pure idiocy. Oil company profits rise with the price of oil and no one has pushed the price of oil higher than Barack Obama. He’s said no to every single energy proposal that would succeed and has forced us all to pay for those which have all failed.
If one wanted to limit oil company profits, one would push the price of oil down, not up. If one takes away incentive to produce more oil as Kucinich would seize all the profits, one would have no incentive to provide more oil domestically.
That’d be a fun time.