We’re from the government and we will decide what you can make

Good day all. I saw this last night and couldn’t believe Congress was going to try price controls AGAIN! In this case, it’s some of the more Marxist members of congress and they think the oil companies are making to much money.

The details of the latest idiocy is on The Hill:

Six House Democrats, led by Rep. Dennis Kucinich (D-Ohio), want to set up a “Reasonable Profits Board” to control gas profits.

Oh Ho!, the King of the Moonbats, helium head supreme, Dennis Kuchinich. This idiot is so stupid and incompetent that he is a laughingstock. I remember driving through Cleveland when this nitwit was mayor. He ran that city right into the ground. They ended up declaring bankruptcy. So what does this clown have in mind?

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.

Gee, that sounds a lot like Fascism ((Fascism)) or Socialism ((Socialism)) to me. Oh wait, it is. Kucinich has never done an honest day’s work in his life and has absolutely no clue on how the Free Enterprise system ((The Free Enterprise System)) works. The fact that he wants to tell people and companies how much they can make is the height of Marxist totalitarianism. To continue.

The bill would also seem to exclude industry representatives from the board, as it says members “shall have no financial interests in any of the businesses for which reasonable profits are determined by the Board.”

So, the people earning the money will be told to shut up and fork it over. So, how much do they intend to steal?

According to the bill, a windfall tax of 50 percent would be applied when the sale of oil or gas leads to a profit of between 100 percent and 102 percent of a reasonable profit. The windfall tax would jump to 75 percent when the profit is between 102 and 105 percent of a reasonable profit, and above that, the windfall tax would be 100 percent. The bill also specifies that the oil-and-gas companies, as the seller, would have to pay this tax.

The last time this idiocy was tried ((The Windfall Profits Tax)) was during the Carter Nightmare Administration. President Reagan detested this but it took him two terms and the collapse of oil prices to get the damn thing repealed. It never generated the money the thieves in Congress thought it would.

Kucinich said these tax revenues would be used to fund alternative transportation programs when oil-and-gas prices spike.

That figures. Flying Saucer boy is one of those who hates cars. He wants everyone on bicycles or on foot, except people like him of course.

“Gas prices continue to rise, creating a hardship for the American people,” he said. “At the same time, oil companies are making record profits gouging their customers. This bill would tax only the excess profits and create forward-thinking transportation alternatives.”

Specifically, he said the money would be used to fund a tax credit on the purchase of fuel-efficient cars and set up a grant program for mass transit programs when oil-and-gas prices are high.

Yep, he wants unicorn fart powered carts. This bonehead is typical of the left-wing moonbats in the Democrat party, (And I’m afraid some of the Republican party too) They love to have these massive public transportation projects even though they never pay for themselves.

One of the reasons public transportation has utterly failed in the United States is the sheer size of the country. In Europe, the cities have pretty much been in place for thousands of years and the only way to get to them was walk or ride a horse. Putting in trains makes sense over there, but even the Europeans are having problems financing the systems. Since they don’t pay for themselves, the Europeans tax everything, especially gas.

So, who are the other idiots who are pushing this nonsense?

Co-sponsoring the bill are five other Democrats: Reps. John Conyers Jr. (Mich.), Bob Filner (Calif.), Marcia Fudge (Ohio), Jim Langevin (R.I.), and Lynn Woolsey (Calif.).

You will notice that none of the above have their political party affiliation listed in the story by The Hill. The Hill is known to be somewhat biased towards the political left, and tradition holds that when really stupid ideas or criminal behavior is involved, and the people in question are democrats, the MSM ((Mainly Stupid Media)) won’t name the party they belong to. Now if it’s a REPUBLICAN who screws up, they will scream to the high heavens what their party affiliation is.

Fortunately, this bill is on a fast track to the trash can. It has no chance whatsoever of getting through the house. Even some of the Democrats know what a disaster this would be and wouldn’t support it.

Now, for those of you who think that this would be a good bill, allow me to try and explain a few things.

First, while it looks like the Oil companies are making money hand over fist, in actuality, they aren’t. What you are seeing is the scale of the product sales. When you sell billions of gallons of product, of course you will see huge profits. What they don’t say is, those aren’t gross profits, but net profits. Net profits come about after all the taxes, transportation costs, refining costs, research costs, etc. are paid. Those costs are astronomical. For instance, in 2007 Exxon made $40 billion in profits, but they paid $100 billion in taxes and royalties. ((Who gets rich off $3 gas)) If this idiot bill made it through, it wold probably cause the oil companies to bail out of the United States and just not have anything to do with the Government. That would pretty much kill the economy and turn the United States into a third world company in a matter of weeks.

In my opinion, the best thing that could be done is the constituents of these clowns send them into retirement in November, 2012.

Thatisall

~The Angry Webmaster~

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