Really, where do these Democrats get off targeting one specific industry as evil and unreasonable since they – by some arbitrary decree – think the industry makes too much money?
Really now, please tell me. If it is constitutional for the federal government to create a board that would arbitrarily determine that the oil and gas industry have “made enough money,” and implemented a 100 percent tax on “excess” profits, what would stop them – or any state government for that matter – from doing this to any other industry?
Damn communists, all of them. From The Hill.
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.
The nutcase who has introduced this legislation three days ago is Dennis Kucinich (D-Ohio). The five co-sponsors are Rep. John Conyers (D-Mich.), Rep. Bob Filner (D-Calif.), Rep. Marcia Fudge (D-Ohio), Rep. James Langevin (D-R.I), and Rep. Lynn Woolsey (D-Calif.).
If you’re so inclined to read this garbage, The Hill has the PDF of the proposed legislation.
The top three (Market Cap) oil and gas companies, Exxon Mobil, Royal Dutch Shell and Chevron, have net profit margins for the past year that average 7.7 percent.
Hewlett-Packard and Dell are at 5.56 percent and 4.28 percent respectively. Apple’s net profit margin is 23.95 percent. Microsoft is at 33.1 percent.
Political. Grandstanding. Bull Feathers.