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Old 01-20-2012, 07:54 AM
 
29,409 posts, read 20,023,567 times
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And of course hand it to green nonsense. Solyndra and the others worked out so well. If you don't think communist think has infiltrated our government then look no farther. This is pure insanity but will be supported by those conditioned to hate the evil oil companies for sure.

"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."


Not made up of members of congress, no definition of reasonable profits...........nothing could go wrong here at all.


Dems propose 'Reasonable Profits Board' to regulate oil company profits - The Hill's Floor Action
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Old 01-20-2012, 07:57 AM
 
Location: Great State of Texas
86,068 posts, read 77,047,534 times
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ROFL.."reasonable profits" ? Is this now the government who decides how much profit a company can make ?

And only for oil/gas ? I guess all other companies are free to make as much as they want eh ?

This "green movement" has certainly a way about them.
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Old 01-20-2012, 07:59 AM
 
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Soon to be implemented across all sectors if this is deemed a "success" by those distributing the money I'm sure.
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Old 01-20-2012, 07:59 AM
 
Location: Reality
9,949 posts, read 8,065,854 times
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Hello higher gas prices.
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Old 01-20-2012, 08:05 AM
 
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I'm opposed to this idea. I think we should just stop subsidizing the fossil fuel industry. They are doing fine without government assistance.
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Old 01-20-2012, 08:06 AM
 
Location: Great State of Texas
86,068 posts, read 77,047,534 times
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Quote:
Originally Posted by Winter_Sucks View Post
I'm opposed to this idea. I think we should just stop subsidizing the fossil fuel industry. They are doing fine without government assistance.
The government pretty much subsidizes every industry now.
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Old 01-20-2012, 08:08 AM
 
59,824 posts, read 46,639,273 times
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Quote:
Originally Posted by HappyTexan View Post
ROFL.."reasonable profits" ? Is this now the government who decides how much profit a company can make ?

And only for oil/gas ? I guess all other companies are free to make as much as they want eh ?

This "green movement" has certainly a way about them.
FYI- Almost every major line of insurance sold in the US has profit guidelines set by each state.

In fact, the windfall profits term was used in the 1970's when the gas crisis greatly reduced driving and auto insurers made a lot of money due to fewer accidents. Florida and NY in particular have some *semi-vague* regulations on the books as a result.

However, putting a "windfall" charge on profits is REALLY difficult, I've read 20 page papers on doing so and it's really hard to do fairly because what do you do if prices fall low for a few years and the companies profits sag and you have bankruptcies and so forth like in the 90's? Guarantee minimum profits?

Don't worry though, this is mindless election year grandstanding by the dems who will propose an assinine bill like this and then use it for election fodder when it get's stopped because they "tried to help the little guy".

Remember that Hillary in the 2008 primaries promised to "take those record profits" and also congress held their little dog and pony show with the oil company executives and then quietly concluded there was no problem.
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Old 01-20-2012, 08:08 AM
 
13,535 posts, read 8,494,686 times
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Quote:
Originally Posted by HappyTexan View Post
The government pretty much subsidizes every industry now.
In some ways, yes. I think corporate welfare and the tax code, although good intentions, is the problem. Simplify the tax code, get rid of corporate welfare, and then let the market decide.
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Old 01-20-2012, 08:09 AM
 
Location: Maryland
18,591 posts, read 17,529,478 times
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Dems showing their true commie colors.
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Old 01-20-2012, 08:10 AM
 
29,409 posts, read 20,023,567 times
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Yep oil is evil but the same ones who scream that to the heavens keep voting for the subsidies. Banks are evil but the ones screaming that take in millions in campaign money and continue to pour billions of dollars to the banking industry. LOL. Anybody who believes the lies these politicians throw around are beyond help.
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