1/20/2012

Marxism On Parade: Dems Propose Confiscating "Excess" Profits From Oil Companies

Posted by Brian
In a move that would make Hugo Chavez and Karl Marx proud, a handful of Democrats are attempting to pass legislation that would set up a central committee to monitor profits from gas companies.  If they determine that a gas company has made too much profit they would apply a tax of up to 100% of that which they consider excessive.  What is considered "reasonable" or "excessive" is not defined.
Folks, this is right out of the playbook of every communist dictator and despot throughout history.


Dems propose 'Reasonable Profits Board' to regulate oil company profits

By Pete Kasperowicz 01/19/12 10:20 AM ET
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


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