Sign “O” the Times
Only in modern America, folks:
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.
Hat tip to Jazz Shaw, who I had to remind on Twitter that, “for progressives, Atlas Shrugged is an instruction manual.”
Didn’t Truman do something similar to the steel companies. To which the companies, once they made all the profit they were allowed to make for the year, promptly shut down for the rest of the year.
Ah Kucinich, trying to pump up his resume in a fight to remain relevant. His seat was re-districted so he’s trying to steal the seat currently held by Marcy Kaptur (D-OH), another long-serving Dem. She was in office when I was in high school (20 years ago).
Fine; let’s also set up a Reasonable Salary for Politicians Panel. I volunteer…
Why stop at politicians? The Reasonable Salary Act shoud extend to athletes, actors and entertainers as well. Some of these people should put up or shut up.
That would be a great idea if politicians adopted the steel makers’ policy of the Truman era (re: rjb’s comment) and shut up and went home after they stole all they were allowed to steal for the year. Can we set that value at $.12?
What country is this?