Does That Sound Like Capitalism Or Socialism

Representative Dennis Kucinich (D-OH), and five other Democrats want to set up a "Reasonable Profits Board" to control gas profits. These 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.

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.

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

"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."

Co-sponsoring the bill are five other Democrats: Representatives John Conyers Jr. (MI), Bob Filner (CA), Marcia Fudge (OH), Jim Langevin (RI), and Lynn Woolsey (CA).

The gas companies are making less than 8% on their investment. Must companies make much more. This isn't capitalism or helping Americans. This is socialism. We have the largest oil reserves in the world. Drill baby drill and prices will come down.

Do you want Barack Obama picking a board to determine reasonable profits?

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