Update: see the "comments" for a substantive extension of this article jds.
H.R. 3784 or The Gas Price Spike Act, is the brainchild of House Democrats, hell bent on punishing the capitalist system for making money. Their first victim will be Big Oil. Embedded in The Gas Price Act, is a provision that will set up another agency, one that will monitor profit margins each of the individual oil companies in our country. The unelected bureaucrats that will make up this board (sorry, no elected officials allowed), will decide profitability limits for each oil company, year after year, based upon what they will determine as a "reasonable profit." The advisory board would, then, assess a 50% to 100% tax on all profits exceeding their "reasonable profit" standard. This money would be considered "surplus" by the communalist on this board and as such, the board could claim all the surplus for the central government.
In addition to the above, this bill would give a tax credit for purchases of fuel efficient cars and would fund a mass transit bailout fund.
Its popularity rating is 43-57 against the bill, one that was introduced by Dennis Kucinich (D/Oh). A patriot would never come up with such a bill (if "patriotism" is defined by an allegiance to liberty at all levels)
H.R. 3784 or The Gas Price Spike Act, is the brainchild of House Democrats, hell bent on punishing the capitalist system for making money. Their first victim will be Big Oil. Embedded in The Gas Price Act, is a provision that will set up another agency, one that will monitor profit margins each of the individual oil companies in our country. The unelected bureaucrats that will make up this board (sorry, no elected officials allowed), will decide profitability limits for each oil company, year after year, based upon what they will determine as a "reasonable profit." The advisory board would, then, assess a 50% to 100% tax on all profits exceeding their "reasonable profit" standard. This money would be considered "surplus" by the communalist on this board and as such, the board could claim all the surplus for the central government.
In addition to the above, this bill would give a tax credit for purchases of fuel efficient cars and would fund a mass transit bailout fund.
Its popularity rating is 43-57 against the bill, one that was introduced by Dennis Kucinich (D/Oh). A patriot would never come up with such a bill (if "patriotism" is defined by an allegiance to liberty at all levels)
If that means civil disobedience in perpetuity, so beit. While you are still free, take time to make a call or write a letter. Understand that if you do not do this, no one else can.
I cannot call Nancy Pelosi's office to complain. They will not take my call because she is not my representative. She can pass laws that effect me, but I cannot call her to complain. Something seriously wrong with that picture.
Anyway, for now, go the way of peace and write a letter. They do listen to our protests if done in concert. Last Wednesday's media strike proves that point.
Oil profits are made primarily due to collusion with no hope of transparency. Oil profits are not based on a market economy which is the desired capitalist system most likely according to everyone except for corporations that control oil. I don't agree with government setting prices or profits for a corporation but I also don't believe that corporations should have free reign to set prices in collusion. If oil companies showed some transparency and revealed actual market value then legislation like this wouldn't even be thought of.
ReplyDeleteI should also add that Kucinich is pretty radical and the Democratic party is far right of him.
Good points, I think. Of course the issue is not price control. It is about company profits. In fact, if you think about it, this just might encourage higher prices. Understand that Obama and the Lefties want high priced fossil fuel. You probably know that alternative fuels run between 6 and 8 dollars per gallon. Fossil fuel prices will need to inflate to near those levels before folks will move, in mass, in that direction.
ReplyDeleteAnd if the government is going to take half of a companies profits, the company will either go broke or find a way of doubling its retail sales volume. . . . . or some such thing.
What you say about Kucinich, I believe, is not true for the current Democrat Party leadership, i.e. Obama, Pelosi and Reid. But your point may be true for the bulk of that party's leadership. If the Democrat party does not support this bill, it is only because it does not believe that now, during an election season, is the time for this fight.
Understand that I do agree with your post, all in all. I do believe that conservatives need to address the issue of greed. It is a huge problem and I, as an avid capitalist, understand the threat that greed poses to the free market solution ("free market" and "capitalism" are not the same, byw). There is a need for regulation. Glass/Steagall, was taken down in 1999 after decades and, almost immediately, we began have problems. While, in my Okie opinion, "Affordable Housing" was the culprit, I do believe that Glass/Steagall would have kept the lid on things. So they (the Dems) got rid of Glass Steagall and, years later, pass an even more repressive regulatory scheme in Dodd/Frank. Go figure.