Sindawe
Member
Found this little gem elsewhere on the 'Net...
Reasonable Profits Board?
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.
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:
Reasonable Profits Board?
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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