Ahhhh...the sweet smell of Socialism

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Sindawe

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Found this little gem elsewhere on the 'Net...

109th CONGRESS

1st Session

H. R. 2070

To amend the Internal Revenue Code of 1986 to impose a windfall profit tax on oil and natural gas (and products thereof) and to allow an income tax credit for purchases of fuel-efficient passenger vehicles, and to allow grants for mass transit.

IN THE HOUSE OF REPRESENTATIVES

May 4, 2005

Mr. KUCINICH (for himself, Mr. SERRANO, Mr. ABERCROMBIE, Mr. DEFAZIO, Mr. FRANK of Massachusetts, Mr. MCDERMOTT, Ms. SOLIS, Mr. FILNER, Ms. CARSON, Mr. GRIJALVA, Mr. LANTOS, Ms. LEE, Mr. MCGOVERN, Ms. MCKINNEY, Ms. WOOLSEY, Mr. OWENS, Mr. STRICKLAND, Mr. CONYERS, Mr. DAVIS of Illinois, Mr. SANDERS, Mr. FARR, Mr. HINCHEY, Mr. EVANS, Mr. NADLER, Mr. KANJORSKI, Mr. SHERMAN, Mr. LEWIS of Georgia, Mr. GUTIERREZ, Mr. VISCLOSKY, Mr. KILDEE, Ms. SLAUGHTER, Ms. KAPTUR, Mr. OLVER, and Mr. STUPAK) introduced the following bill; which was referred to the Committee on Ways and Means, and in addition to the Committee on Transportation and Infrastructure, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concernedA BILL

To amend the Internal Revenue Code of 1986 to impose a windfall profit tax on oil and natural gas (and products thereof) and to allow an income tax credit for purchases of fuel-efficient passenger vehicles, and to allow grants for mass transit.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

This Act may be cited as the `Gas Price Spike Act of 2005'.

SEC. 2. WINDFALL PROFITS TAX.

(a) In General- Subtitle E of the Internal Revenue Code of 1986 (relating to alcohol, tobacco, and certain other excise taxes) is amended by adding at the end thereof the following new chapter:

`CHAPTER 56--WINDFALL PROFIT ON CRUDE OIL, NATURAL GAS, AND PRODUCTS THEREOF

`Sec. 5896. Imposition of tax.

`SEC. 5896. IMPOSITION OF TAX.

`(a) In General- In addition to any other tax imposed under this title, there is hereby imposed an excise tax on the sale in the United States of any crude oil, natural gas, or other taxable product a tax equal to the applicable percentage of the windfall profit on such sale.

`(b) Definitions- For purposes of this section--

`(1) TAXABLE PRODUCT- The term `taxable product' means any fuel which is a product of crude oil or natural gas.

`(2) WINDFALL PROFIT- The term `windfall profit' means, with respect to any sale, so much of the profit on such sale as exceeds a reasonable profit.

`(3) APPLICABLE PERCENTAGE- The term `applicable percentage' means--

`(A) 50 percent to the extent that the profit on the sale exceeds 100 percent of the reasonable profit on the sale but does not exceed 102 percent of the reasonable profit on the sale,

`(B) 75 percent to the extent that the profit on the sale exceeds 102 percent of the reasonable profit on the sale but does not exceed 105 percent of the reasonable profit on the sale, and

`(C) 100 percent to the extent that the profit on the sale exceeds 105 percent of the reasonable profit on the sale.

`(4) REASONABLE PROFIT- The term `reasonable profit' means the amount determined by the Reasonable Profits Board to be a reasonable profit on the sale.

`(c) Liability for Payment of Tax- The taxes imposed by subsection (a) shall be paid by the seller.'.

(b) Clerical Amendment- The table of chapters for subtitle E of such Code is amended by adding at the end the following new item:

Continues at: http://thomas.loc.gov/cgi-bin/query/z?c109:H.R.2070:
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Reasonable Profits Board? :barf:

Edit: Sunday I refueled my daily driver. 8.67 gallons @ $2.999/gallon = $25.99. Shell's profit on the sale? 78 cents. Federal and State profit? $3.50 Who's getting the "beyond reasonable" profit here?

2nd Edit for BigReno: I posted this here in L&P since it involves the right to earn an return on one's investments, be they financial for stock holders or capital from the company, or lose one's shirt from that same investment without government interfering in the process.
 
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They do not want to stop the monopolistic profiteering of their friends, they want to tax it more. Just taking their piece of the middle-class pie. US senators are the worst scumbags in the western world.
 
Legal and Political
Get informed on issues affecting the right to keep and bear arms and other civil rights. Coordinate activism, debate with allies and opponents. Discuss laws concerning firearm ownership, concealed carry and self-defense.
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Where did I miss the above information in the post?
 
I think having a government board determine what your "reasonable profit" should be affects the civil liberties at least as much as immigration and we are tolerating several of those threads.

However, THR doesn't do Forum Wars so let's keep the topic to the proposed bill.
 
Gas

The oil companies get about 9 cents per gal.
The Feds get 18.5 cents per gal.
States get their share per gal. from about 18 cents to 44 cents

Now just who is ripping us off?:fire:
 
Lol and I just love Bush's weepy condolences for the poor americans suffering the burden of high gas prices.
 
China is building 35 nuke reactors for energy (becoming more independant) And the U.S. Congress is acting like the USSR and talking about a "windfall tax". LIKE TAXES CONTROL SUPPLY AND DEMAND :banghead:

When will the United States start building nuke energy reactors, and quit making the middle east so damn rich.

This country is F&^&ed.

Any GOP voter outthere!!!......do you need more proof that your party is just another Pro-Govt party?
Stalin would be proud.

way to go GOP (clapping hands) way to go.....:barf:
 
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That's right. Who is making the most free "profit" from increasing gas prices? The Fed and state governments. In many states after their "gas" tax at the pump, you get to pay a percent at the register for buying it.

Right now your elected officals are rubbing their hands together at the new "income" they are recieving and are forecasting spending it. What do they come up with as solutions? $100 rebates or MORE taxes.

:barf: Let the shrinking of the middle class continue. I have to wonder when the terminal part of taxation will start to affect the citizens as a whole movement for change. It seems all are just too eager to pay it so easily.

Our current fuel debacle is a complicated issue of multiple forces. However the Government, perhaps as usual in this case, is a large part of the problem.

Bartholomew Roberts said:
I think having a government board determine what your "reasonable profit" should be affects the civil liberties at least as much as immigration and we are tolerating several of those threads.
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Agreed 100%.
 
That's right. Who is making the most free "profit" from increasing gas prices? The Fed and state governments.
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Last I checked, gasoline came from oil. Anyone here ever heard of OPEC? Might have something
to do with $75/bbl.

I'm completely against profit boards, but am for car-pooling, mass transit, and alternative energy.
People who are complaining about paying an extra $10/week on gas need to re-evaluate their own
financial planning first. Have they already overstretched themselves by buying too much house
and too much vehicle?
 
Hey, do you guys think these idiot politicians make more than 9% on their investment portfolios? I guess they should be giving some of that back, right, since that is now determined to be the most someone can earn? Is Ayn Rand listening. If you haven't read Atlas Shrugged, you need to. She is a freaking prophet.
 
I'm completely against profit boards, but am for car-pooling, mass transit, and alternative energy.
People who are complaining about paying an extra $10/week on gas need to re-evaluate their own
financial planning first. Have they already overstretched themselves by buying too much house
and too much vehicle?
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This has to be the best thing I have read this week . . .
 
From my reading, which has been reasonably extensive, I have discovered that we do not have a supply problem per se. Meaning, that we have more known oil reserves in the world now than we did 100 years ago, even with all of our use. As our methods of detection and extraction get better, we find more, and are able to get more out of the ground. For example, the oil shale in Utah alone has close to 1 trillion barrels of oil, about 800 billion of which is extractable. That would give us all of the United States' needs for 100 years. We are finding oil like crazy in the world, and we haven't really even explored underseas.

So, if we don't have a supply problem, why are prices going up? I believe it is two fold. One, we have a perceived supply problem. The commodities market sees strife in the oil producing countries, gets scared, and agrees to pay more per barrel now because they are betting that in a few months, many of these countries will not be producing or exporting. The price of a barrel that gets reported is not the price being paid right now for a barrel. It is the price that a commodities trader has agreed he will pay in a few months when that barrel is actually pumped. I, for one, hope these traders lose their shirts, but who knows. I think the only way we in the US will be able to solve this is to develop our own supply so that we are less reliant on world production. That doesn't necessarily mean oil prices will immediately drop, however, because unless the government is the one doing the pumping, the company that extracts the oil can sell it on the world market and get the best price. However, having a large, stable source will most like bring prices down. ANWR, oil shale, offshore, Gulf of Mexico. These all MUST be developed. Enviros are holding this up, and it needs to stop.

Second. We have a dramatic and potentially catasrophic lack of refining capacity. This is a serious issue, and has been caused by the enviros as well.

I do not believe that we can limit our demand enough to make a serious dent in prices. The overall worldwide demand is continuing to increase, and I honestly think that any decrease in our demand will be more than offset by increased demand worldwide.

Of course, as prices increase, the relative cost of alternative fuels and energy sources decreases. From what I've read, in 50 to 75 years, we'll look back at our use of oil as quaint. We'll be using solar power almost exclusively.
 
They do not want to stop the monopolistic profiteering of their friends, they want to tax it more.
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You might want to look up the word monopoly in the future.

Actually, I will just give you the kid's version. Take out your dusty old Parker Brother's "Monopoly" game. Check out the rules and see how one wins the game. That is a monoploy. By the definition you are using a monopoly exists before the dice are even thrown.

Even if we were to assume the OPEC constitutes a monopoly, that organization does NOT represent all of the oil producers in the world, in fact I dont think they even cover the majority of them. Thats a *far* cry from a monopoly.
 
Here is the short answer: Socialism is the opposite of freedom. I like freedom, therefore I dislike socialism.
 
That's right. Who is making the most free "profit" from increasing gas prices? The Fed and state governments. In many states after their "gas" tax at the pump, you get to pay a percent at the register for buying it.
Click to expand...

It's worse than that. Where was all the outrage at fedgov when gas was $1.30, and fedgov and the states were netting half the proceeds? Why weren't they crying then? Why weren't we?

If you add up the taxes (which are passed onto the consumer), the cost of keeping the military around oil installations worldwide, corporate welfare, and all the hoops every corporation (i.e. like Sarbanes Oxley) has to jump through, oil is darned expensive. Far more than we see at the pump.

The blame can be laid at the doorstep of Washington DC, and nowhere else. Now they are quick to try diverting our anger against the oil companies, while extracting even more of our hard work from us.

Amazing that we (collectively, as a nation) put up with it, and don't throw them all out of office.
 
Ok I already plan on getting the Snopes books by Faulkner because of Standing Wolf now you guys are bringing up Ayn Rand could you let me in on the joke so I don't have to buy 5 books.
 
So let me get this straight, they are going to tax profits if they are reasonable.... BUT congress is the one determining what is reasonable.... :barf:

We can't close the freaking borders, but we can pass a "windfall" tax in record time.

This is a giant mistake. When investments in oil industries drop off because the returns cannot justify it, the price will go up. Oil companies run on a 4 - 10% profit. That is HARDELY excessive. Compare that to Yahoo, Google, Starbucks, Johnson and Johnson, Proctor and Gamble..... nough said.

Further to that, there are all kinds of taxes that come from oil. Well Head Tax, drilling permits, lease remittances, property taxes, payroll taxes, income taxes, sales taxes, excise taxes, import fee's et cetera, et cetera.

1.) Close borders
2.) Reduce income tax
3.) start firing governmental employees those government employees can get jobs that are now vacant from illegals
4.) Modestly reduce the deficit by 5% per year, so we don't have an economic contraction.
 
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