In the “definitions” section (page 2), we get (among other things):
That’s it! “Reasonable Profit” is anything the Reasonable Profits Board deems it to be! No specifics at all. Any profit made from selling anything made from crude oil or natural gas above what is defined as “reasonable” will be taxed thusly:
Further, the act specifies (on page 7) that mass transit is to receive grants (spelled subsidies) from taxes imposed on unreasonable profits. The Reasonable Profits Board is established on page 8 of the act. The act calls for three members, appointed by the president, to serve for three years.
Besides gasoline, some 6,000 other products are made from crude oil. Is the Reasonable Profits Board going to limit itself to just gasoline sales, or is it going to venture into the profits of these other products?
The bill was introduced on January 18, 2012, by its sponsor, Rep. Dennis Kucinich (D-OH), and its five co-sponsors, all Democrats, John Conyers (MI), Bob Filner (CA), Marcia Fudge (OH), Jim Langevin (RI) and Lynn Woolsey (CA). I guess these six Democrats have never heard of dividends or of reinvestment of capital required to find and produce more crude oil. Please see this source for a very good (IMHO) discussion of the economic impact of the proposed bill.
But that’s just my opinion.
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