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The "Reasonable Profits Board?"
Posted by: McQ on Saturday, May 24, 2008

Just when you think Congressional Dems can't get any loonier (Maxine Waters and nationalizing oil), they kick it up a notch.

From the guy who yesterday was featured saying, "hey, we lied, but you were dumb enough to buy into it", Paul Kanjorski's (D-PA) we get this little beauty. From the Tax Policy blog:
The current high price of gas has led to a lot of crazy proposals from gas tax holidays to creating a tax deduction based upon energy consumption. But Rep. Paul Kanjorski's (D-PA) may top them all in terms of its stupidity. From the Times Leader, Kanjorski's plan would do the following:

• H.R. 5800 would tax industries’ windfall profits.

• The bill would set up a Reasonable Profits Board to determine when these companies’ profits are in excess, and then tax them on those windfall profits.

• As oil and gas companies’ windfall profits increase, so would the tax rate for those companies.

• Kanjorski said his legislation will encourage oil companies to lower prices to prevent them from receiving higher tax rates.
Government would decide what is or isn't a "reasonable profit?" As the Tax Policy Blog puts it:
While Hillary Clinton may have failed ECON 101 along with John McCain, it appears as if Kanjorski may been enrolled in Marxism 450 at the time. In all honesty, nationalization of the oil industry (i.e. Venezuela) may be better than Kanjorski's ridiculous proposal.
And by "better", they mean in a lesser of two very big evils sort of "better".
One can make a case for taxing that portion of the return to capital that comes from economic rents, but Kanjorski has probably never even heard the term. An economist who backed such a tax would understand that such a tax is not going to lead to lower prices at the pump, just as economists are setting the record straight on the current gas tax holiday gimmick. Furthermore, the justification for taxing economic rents would apply to all sectors, not just petroleum.
It would be the "Resonable Profits Board" - not the "Resonable Oil Profits Board" if you get my meaning. How much does Bill Clinton make per speech? And how is more than a few thou a "reasonable profit?" I mean come on, he's not that good of a speaker.

(HT: Nealz Newz)
 
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Previous Comments to this Post 

Comments
Democrats lying is not the problem. The problem is that people still vote for them when they know they have lied, know that they will lie, and know that they are lying. The unfortunate fact is that too many people have come to accept lying as a normal part of politics. If you buy into situational ethics, and lots of people do, then what is the big deal about telling a lie just to get elected.
 
Written By: Citizen Tom
URL: http://citizentom.com/
Hey! Why can’t we set up a "Reasonable Profits Board" for Microsoft? For Yahoo? For the movie companies that charge $13 a ticket to see crap?

And how about Steven Spielberg being taxed an additional 20% on his $1 billion+ fortune? Isn’t that a bit excessive? Or Warren Buffett? Or Bill Gates?

And since the Democrats have endorsed this, we should also tax former Vice Presidents who travel around on their own private jets, spewing greenhouse gases. I call it the "Al Gore/Climate Change" Tax. It gets levied at, say, 30% of the cost of the plane, plus 5% for each ton of greenhouse gases he emits in one calendar year.

I want some Republican to introduce this, and watch as the Democrats denounce it. The thing would have no chance of passing, but it would be funny watching the Dems vote against a tax increase that hits their constituents in the wallet.
 
Written By: James Marsden
URL: http://
I hear this idiocy and it literally makes my blood run cold.

A "reasonable profits" board?

I can hardly post what I think of this idiocy because I’d trigger the blacklist so hard I’d probably crash the website.

I mean jesus christ! Is this America anymore?

I’m telling you all now....get out of stocks and stockpile cash in your home as a hedge against these cretins ever getting free reign to act on their delusions.

"Nationalize" big oil. Jesus wept, once upon a time I’d have never thought there was any remote chance of it happening here. Now I worry
 
Written By: shark
URL: http://
I mean jesus christ! Is this America anymore?
Vote for Obama and you will get an answer for that.
 
Written By: capt joe
URL: http://
Maybe if Barack gets elected, he’ll enable even more people to go to college...

...where they can "learn" such wisdom as Paul Kanjorski possesses.
 
Written By: bains
URL: http://
Looks like we have had a Windfall SPam tax!

Other candidates for Windfall profits, Sports stars, Entertainment Stars, Trial Lawyers. Politicians who get book deals, Former Politicians and government workers who join lobbying groups. Windbag pundits on MSNBC.
 
Written By: kyleN
URL: http://impudent.blognation.us/blog
Of course Congress wants to regulate profits. They figure that way they can be bribed by folks who want them to increase the amount of profits they can legally make.

 
Written By: retired military
URL: http://
get out of stocks and stockpile cash in your home
Umm, you know they will be are inflating the currency, right?

And your home is not safe, either.

Time to pull our your copy of "101 things to do till the revolution" and reread number 97.

 
Written By: newshutz
URL: http://
In the United States, a pound of potato chips costs two hundred times more than a pound of potatoes. Yet there is no congressional investigation into this obscene profit margin, and I suppose that the idea of ’reasonable’ profits’ impose by congress hasn’t entered this area yet.

Or, maybe, there are more taxes to be made on the backs of oil refiners than with potato chip makers.
 
Written By: Bithead
URL: http://bitsblog.florack.us
Apparently this kind of economic idiocy is pervasive. I present to you a "simple solution" to the shortage of primary care doctors that I gleaned from a medical student message board. The author is presumably a medical student or resident and thus *supposedly* amongst the smarter of their peers.
"Simple solution:

Impose additional tax on plastic surgeons, opto, and ENTs, and orthos. You’ll see a push into fam prac [family practice] in a hurry. Econ 101.

You can’t easily artificially impose a raise on someone’s salary. You sure can create disincentives for the alternatives though.

Throw in some extra taxes on the hedge funds and I-bankers. Say 70% on incomes > $1 mil. No reason anyone in those industries need to earn > $1 mil and pay the same marginal tax rate as the dude around $200k. Need to push some of these smart people to do something more meaningful than push money back and forth.

If any of you kids actually have had a full-time job before, you’ll understand the power of tax disincentives/incentives."
The "simple solution" to fill a void? Screw over everyone else until they’d rather be in the hole nobody wants to be in right now!
 
Written By: ck
URL: http://
Frankly, I’d just like to see someone explain to Dems that "Revinue" =/= "Profit"... They see to confuse the terms quite often...
 
Written By: Scott Jacobs
URL: http://
This is the repetition, as real-life farce, of the last few chapters of Atlas Shrugged.
 
Written By: Beldar
URL: http://beldar.org
The solution to this is simple: companies can adopt the accounting techniques of Hollywood film companies. According to their books, none of them ever make a profit on any of their movies. No profits, no need to submit to the Board of Reasonable Profits.
 
Written By: Steverino
URL: http://
Every time I scroll down and see that headline, ’The "Reasonable Profits Board?"’, I grin and think of Monty Python. It’s a natural and deserved subject for derision and ridicule. The only useful and productive purpose such a thing could serve is as a subject for comedy and satire.
 
Written By: timactual
URL: http://
I wasn’t going to say it, Beldar.

I think one thing that confuses people about "Atlas" is that the whole long run of the politics that Rand described is compressed into the impossibly brief experience of reading a novel. Playing it out in real time takes a lot longer, which makes it hard for some people to see, but it is unquestionably playing out.
 
Written By: Billy Beck
URL: http://www.two—four.net/weblog.php

 
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