Tag: Windfall Tax

We Will Decide How Much You Can Keep

The “Speaking Of Geniuses” thread is still active, your money and how much of it you get to hold on to is near and dear to everyone’s heart, but for you corporate tycoons and runners of businesses, remember one thing, Washington wants what is yours and will legislate to steal it:

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.

I know that was a lot to digest, let me break that down for you:

1) Six Democrats (the party that keeps tripping over themselves waving their capitalism bona fides) thinks it is a good idea to limit capitalism.
2) They want government to decide how much money you can make and at what point every dollar over that gets taxed at 100%.
3) Unclear of what that level should be (we will decide that later, trust us).
4) They are only targeting one small portion on one sector of the economy (the sale of oil and gas).
5) The president gets to decide who sits on that regulatory board (no qualifications are mentioned, those obviously being only limited to abide by his notion of fairness).
6) Congress gets no say regarding the appointees, further strengthening the power grab of executive order, and consistent with his attitude lately of ,”Congress? I don’t need no stinkin’ Congress”.

Funny, but I don’t hear about any movement to limit the profits of grotesquely obese filmmakers, or penis nosed pasty white skinned talk show personalities. In the last few days my local paper has been populated with stories regarding Tim Lincecum, and whether the Giants will pay him $21 million for next season, all for throwing a baseball.

But Kucinich, being the good greeny that he is, he wants all this tax money to go down that alternative energy rathole, there has got to be more Solyndra’s out there.

This clearly could be a golden goose. Start out with the oil industry, then move on to financials, pharmaceuticals, telecommunications, consumer stables, utilities, hell, the sky is the limit.

If these 6 little monkey’s in a barrel were so concerned about high gas prices, where was their leverage (and now where is the outcry) in getting Obama to approve the pipeline? If we are to glean any themes from the president’s actions, he wants to keep unemployment high, gas prices high, and America dependent on foreign oil (and the enemies that produce it).

I’m trying to think of some stupid stuff that Congress (or members of) has proposed lately that would rank on the idiocy level with this. No, it won’t pass, but still, it shows you the type of people there that can and do influence our lives.