Hey Kids! Who's Up For A "Reasonable Profits Board" For Oil Companies?
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Democrats...don't you dare call them socialists.

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.

The bill is sponsored by Denis Kucinich and five other House Democrats so if it gets any attention at all it will be written off as a bunch of kooks. Still this is right in line with what at least one big name Democrat thinks.

If Democrats really want to do something about gas prices, maybe they shouldn't be preventing projects like Keystone XL. Nah, better to regulate the hell out of free enterprise.

Bumped for Importance&bodytext=Democrats...don't you dare call them socialists. 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...&topic=world_news"> posted by DrewM. at 01:14 PM

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