Democratic Party economics: The “Reasonable Profits Board”

posted at 2:15 pm on January 19, 2012 by Ed Morrissey

In a perfect world, we’d be talking about this Democratic proposal in tonight’s CNN debate in South Carolina more than attacking private-equity strategies or discussing the personal lives of the candidates.  Yeah, I know … but a man can dream, right?

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

The 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.

First, a reality check is in order.  While politicians like to hyperventilate over the gross dollar amounts of profit from oil companies, profit is most accurately measured as a percentage — the ratio of profits to the cost of producing those profits.  Does the oil industry have a record of exploitive profit margins? Hardly.  For 2009, the oil and gas industry ranked 9th on Fortune’s list with a margin of 10.2%, exactly half of that of the network/communications industry, which finished first in 2008 as well.  In fact, the margin for oil/gas decreased by three and a half points between 2008 and 2009.

The 2009 list is actually rather instructive.  Internet retail has a 19.4% margin, and no one in Congress would dare talk about seizing profits from Amazon (for instance) as “unreasonable,” even though the margin in that industry is almost twice that of oil/gas.  That, however, highlights a pattern of politically-motivated outrage for Democrats on profit.  Remember in 2009-10 when Nancy Pelosi and her fellow Democrats castigated insurance companies as “villains” who profited while Americans suffered?  They finished 22nd on the Fortune list with a barely respectable 4.5% average profit margin.

So let’s put this in real terms.  If the oil/gas industry had $500 billion in sales, then a 10.2% margin would be roughly $60 billion in profit — after investors spent $440 billion to generate those sales.  Is that unreasonable?  That’s a decision that should be left to the investors and the consumers who buy the product.  Guess who gets excluded from the “Reasonable Profits Board”?

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.”

Well, there’s a prescription for sanity.  Let’s have people who have no stake in the market determine what “reasonable” means.

Can someone please forward this to the campaigns for tonight’s debate?

Update: Bruce McQuain at QandO has a commenter who gets to the heart of the matter:

This is great- now we need a “Reasonable Spending Board” to monitor our Congress.  We need a “Reasonable Ethics Board” to punish members of Congress who use their office to enrich themselves.  A “Reasonable Taxation Board” to prevent the government from taking too much of our money.

Yes, let’s have the body that can’t even produce a balanced budget make determinations about “reasonable profit.”


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Isn’t this similar to the “No Dog Eat Dog” law? Btw anyone know the percentage of profits of Apple? Bueller….Bueller?

ajbell on January 19, 2012 at 3:04 PM

On the other hand, wackos like Ron Paul, bigots like Rick Santorum and pompous adulterers like Newt Gingrinch regularly do well in early Republican contests. I wonder which side has an extremist problem?

urban elitist on January 19, 2012 at 2:49 PM

On the other hand, wackos like Al Gore, bigots like Barack Obama and pompous adulterers like Bill Clinton and John Kerry regularly regularly get nominated by the Dems. I wonder which side has an extremist problem?

See how easily two can play at that game.

chemman on January 19, 2012 at 3:05 PM

Isn’t this similar to the “No Dog Eat Dog” law? Btw anyone know the percentage of profits of Apple? Bueller….Bueller?

ajbell on January 19, 2012 at 3:04 PM

OIL: Based in TX, Republican

Apple: Based in Ca, Democrat

Any other questions?

angryed on January 19, 2012 at 3:07 PM

chemman on January 19, 2012 at 3:05 PM

Correction Edwards not Kerry

chemman on January 19, 2012 at 3:07 PM

Okay…..so how about a reasonable profit board for Congress. Since the Senate has not submitted a budget for almost three years then we claw-back their salaries for the same period. Seems fair to me. But what about fair profit standards for all the lemonade stands the kids will open this year?

jb34461 on January 19, 2012 at 3:08 PM

No kidding!

all4mine on January 19, 2012 at 2:24 PM

Actually, I think thats pretty close.
Every step of the process is taxed and regulated.

Mimzey on January 19, 2012 at 3:08 PM

On the other hand, wackos like Ron Paul, bigots like Rick Santorum and pompous adulterers like Newt Gingrinch regularly do well in early Republican contests. I wonder which side has an extremist problem?

urban elitist on January 19, 2012 at 2:49 PM

You’re right. Everyone Republican is bad, mean, evil and eats puppies for snacks. Now can you go away?

angryed on January 19, 2012 at 3:08 PM

Yeah, just another example of unreasonable government overreach being stretched to its unreasonable max …

stukinIL4now on January 19, 2012 at 3:09 PM

How is this any worse and idea than the govt forcing you to buy health insurance?

Willard?

angryed on January 19, 2012 at 3:10 PM

You both need to take that final step and admit to yourselves that these people are not stupid … they are evil and completely purposeful. Once you get over that hurdle, you’ll understand a whole lot better what they’re doing.

Lost in Jersey on January 19, 2012 at 3:03 PM

Yeah, you’re right, Kucinich isn’t stupid. And the people who continually vote him into office aren’t stupid either.

Thanks for educating me. Your reading comprehension skills are awesome.

fogw on January 19, 2012 at 3:10 PM

Isn’t this similar to the “No Dog Eat Dog” law? Btw anyone know the percentage of profits of Apple? Bueller….Bueller?

ajbell on January 19, 2012 at 3:04 PM

It is over 50%

That counts as price gouging, they have a monopoly, and probably counts as a windfall profit as well.

tom daschle concerned on January 19, 2012 at 3:11 PM

Why don’t we just remove all privatization from the economy, and turn it all over to the government? Yeah. See? That way, any profit could then be evenly distributed to all of us. No more wealth inequality. In fact, just to make sure no one takes advantage, we could place a limit on the size of families, the breakdown of gender among families, and assign each family member a vocation at birth. AND, to make things even more fair, we could give everyone a little piece of property -no, not to own, mind you- but to take care of for the actual owner, the government. See how this works? Every one is equal, everyone has a little piece of land they can pretend to call their own, everyone has a job even if it means their job is to assign jobs for other people, there’s no crime, no hunger, no greed or corruption; just love. Oh, and peace. And just for fun, once a year you could wear a color other than gray.

It’s utopia people! Sign on!

BKeyser on January 19, 2012 at 3:14 PM

“Stars and Stripes” “Hammer and Sickle”

TheClearRiver on January 19, 2012 at 3:15 PM

This is great- now we need a “Reasonable Spending Board” to monitor our Congress. We need a “Reasonable Ethics Board” to punish members of Congress who use their office to enrich themselves. A “Reasonable Taxation Board” to prevent the government from taking too much of our money.

And let us not forget about the “Reasonable Survival Probability Board” to decide on Health Care options that are most likely to yield efficient (read: not necessarily most beneficial to the patient’s health) results.

johnny alpha on January 19, 2012 at 3:20 PM

Christien on January 19, 2012 at 2:31 PM

I second that!

czarcasm on January 19, 2012 at 3:21 PM

“Stars and Stripes” “Hammer and Sickle”
TheClearRiver on January 19, 2012 at 3:15 PM

Bang on!

Atlas Shrugged – Animal Farm – 1984 – all come to mind…

karra on January 19, 2012 at 3:22 PM

Only the “mind” of Dennis Kookcinich could come up with such brilliance.

wildcat72 on January 19, 2012 at 3:23 PM

John Galt, please call your office…

JamesB on January 19, 2012 at 3:24 PM

When my liberal/idiot/hypocritical friends start complaining about the obscene profits of “Big Oil” I always tell them to immediately pick up their phone and call their investor in front of me and demand that they get rid of all of their 401k stocks and mutual funds that contain any oil companies. Not one has taken me up on it.

This works too when they complain about the money made by CEO’s. I tell them then that they had better only own stocks of companies that pay their CEO’s less than $1 million a year or whatever level they consider to be “greedy”. Again, not one single taker.

chromium on January 19, 2012 at 3:24 PM

I’m frustrated depressed.

The debate may revitalize me if there are some good shots taken at Teh One.

freedomfirst on January 19, 2012 at 3:25 PM

Willard?

angryed on January 19, 2012 at 3:10 PM

I think you mean Wickard.

DrSteve on January 19, 2012 at 3:26 PM

I thought Atlas Shrugged was a novel, not a documentary on our current government.

YehuditTX on January 19, 2012 at 3:28 PM

Is it just me or does that picture of Dennis Kucinich look like Adolph Hitler without the mustache?

bgibbs1000 on January 19, 2012 at 3:31 PM

Death Panels for businesses.

MassVictim on January 19, 2012 at 3:32 PM

Stars and Stripes” “Hammer and Sickle”
TheClearRiver on January 19, 2012 at 3:15 PM

Bang on!

Atlas Shrugged – Animal Farm – 1984 – all come to mind…

karra on January 19, 2012 at 3:22 PM

November Elections “October Revolution”

TheClearRiver on January 19, 2012 at 3:37 PM

“Yes, let’s have the body that can’t even produce a balanced budget make determinations about “reasonable profit.””

Can’t produce a balaned budget?? How about ANY budget!!!!

mgman on January 19, 2012 at 3:37 PM

Is it just me or does that picture of Dennis Kucinich look like Adolph Hitler without the mustache?

bgibbs1000 on January 19, 2012 at 3:31 PM

The first thing that came to my mind was his resemblance to Josef Goebbels.

Oldnuke on January 19, 2012 at 3:38 PM

Marathon has, and ConocoPhillips will soon spin off the E&P (oil production) parts of the companies from the downstream refining/marketing divisions. This will mean the refineries buy oil on the open market, rather than using their own produced oil, so gasoline profit will be the usual 8 cents per gallon.

Up stream, on the other hand, is where the large profit from produced oil at current high prices comes in, and Denny’s bill only addresses gasoline.

It’s like COP and Marthon saw it coming, nicely played. It will work out well for them until Directive 10-289 is enacted.

iurockhead on January 19, 2012 at 3:39 PM

And just for fun, once a year you could wear a color other than gray.

BKeyser on January 19, 2012 at 3:14 PM

Shame on you for trying to sneak this by. This is exactly the kind of greedy excess that we need to reign in.

RINO in Name Only on January 19, 2012 at 3:41 PM

Holy cow, Ayn Rand called that one!

But wait, didn’t Ron Paul say Kucinich would make a great Secretary of State? Yeah, THAT’s what we need.

axshon on January 19, 2012 at 3:43 PM

The level of stupidity, ignorance, and general lunacy in DC, and particularly on the Democrat left, is staggering!

ultracon on January 19, 2012 at 3:44 PM

Why this twit gets any air, or other time is the miracle of all.

For shame he is a congresscritter in a still free land. Insane.

Schadenfreude on January 19, 2012 at 2:25 PM

I heard on the radio this morning that he and Marcy Captor (sp?) have to fight it out and the winner goes against Joe the Plumber in November. Is that true?

Night Owl on January 19, 2012 at 3:48 PM

And just for fun, once a year you could wear a color other than gray.
BKeyser on January 19, 2012 at 3:14 PM

Only if everyone wears other-than-gray on the same day. Wouldn’t want anyone feeling left out or un-special, you know. May 1 comes to mind.

Robin Banks on January 19, 2012 at 3:49 PM

Right out of Atlas Shrugged, I’m surprised they didn’t call it “Directive 10-289″, I can’t believe where we are, maybe Ron Paul is the man, if not for his foreign policy stands.

doublee on January 19, 2012 at 3:50 PM

That pic on the front with the brown coat and unruly hair reminds me of someone..hmmmmm? Who could it be..?

d1carter on January 19, 2012 at 3:59 PM

bgibbs1000

I agree. Very “Fuhrer-like” jacket Kuch the Kook is wearing in the pic.

Plus, has his arm out in sort of a sloppy “Heil Five.”

And what is the symbol on that little pin on his lapel?

Could it be…..?

Horace on January 19, 2012 at 4:10 PM

That pic on the front with the brown coat and unruly hair reminds me of someone..hmmmmm? Who could it be..?

d1carter on January 19, 2012 at 3:59 PM

Chip Hitler? Adolph’s more “mellow” brother?

Mimzey on January 19, 2012 at 4:13 PM

Six House Democrats, led by Rep. Dennis Kucinich (D-Ohio), want to set up a “Reasonable Profits Board” to control gas profits to be flogged, painted in honey and staked out on an anthill.

FIFY.

Physics Geek on January 19, 2012 at 4:14 PM

I also noted how much profit the greedy health insurance companies were making…

Insurance: Life, Health (stock) 4.6%
Health Care: Insurance and Managed Care 2.2%

But don’t mess with the internet… 20%

taznar on January 19, 2012 at 4:15 PM

Chip Hitler? Adolph’s more “mellow” brother?

Mimzey on January 19, 2012 at 4:13 PM

Oh yes, good ol’ Chipsie. Roomed with him for a term at Choate. Hale fellow on the rowing squad.

I say, is he still seeing “Buffy” Braun?

Horace on January 19, 2012 at 4:16 PM

Kuch’s next project will be to set up “The Committee of Public Safety.

Madame DeFarge, your knitting service called!

Horace on January 19, 2012 at 4:18 PM

People like Kookinich, and Paul, and McKinney..S.Penn G. Gargoylfolo etc, are the socially acceptable face of mental illness imo.
They walk among us.

Mimzey on January 19, 2012 at 4:19 PM

Another … committee, commission, council, panel, board, conclave, task force, delegation

Additional … agencies, authorities, departments, advisers, czars, consultants, administrators, assistants

Endless … meetings, summits, confabs, huddles, powwows,

More … rules, regulations, requirements, decrees, commands, edicts

Bigger … brain trust, inner circle, ivory tower

Ultimate … groupthink, mob, cartel, cabal, tyranny

Less … freedom, individualism, personal choice

End result … coronation

This Dim administration seems to be blocked with the constipation of bureaucracy. Isn’t it time for a laxative to purge this bloated, do-nothing, out-of-control bingeing governing body of its obsession with self-preservation?

stukinIL4now on January 19, 2012 at 4:20 PM

They walk among us.

Mimzey on January 19, 2012 at 4:19 PM

Uh…I think you meant “slither” among us.

Horace on January 19, 2012 at 4:21 PM

How about a Reasonable IQ Level Board to ensure no morons get to Congress.

rjulio on January 19, 2012 at 4:22 PM

Kucinich’s brown shirt jacket is oddly appropriate.

RobertE on January 19, 2012 at 4:23 PM

What would reasonable profits be for a Hollywood blockbuster?

Amphipolis on January 19, 2012 at 4:24 PM

I say, is he still seeing “Buffy” Braun?

Horace on January 19, 2012 at 4:16 PM

Ahh..yes! The days of youth!. Last I heard Chipsie was still with Buffy..but he had a lot of business “out of town”..he always was a randy sort! Joke is a bit on him though..rumor has it that Buffy has take a shine to a young Austrian lad who teaches the Austrian language at University…Buffy is “buffing” him well I hear!

Mimzey on January 19, 2012 at 4:26 PM

Well – there goes my 401k / IRA….

On the bright side, maybe they can expand this to a Reasonable Salary Board, hopefully based on occupational value to society. /s
Engineers (that’s me) should be the top paid at let’s say S200K – good pay raise, but still not rich by their definition, so no windfall salary tax.
Then let’s put politicians, professional athletes, actors, and community organizers in the minimum wage category, then we spread other occupations appropriately through the spectrum. Love to see how that would go over with the Dem support base in the entertainment industry.

dentarthurdent on January 19, 2012 at 4:30 PM

Is it just me or does that picture of Dennis Kucinich look like Adolph Hitler without the mustache?

bgibbs1000

Kucinich’s brown shirt jacket is oddly appropriate.

RobertE

I’m glad that I’m not alone in seeing that.

CiLH1 on January 19, 2012 at 4:32 PM

When I read the headline about the “reasonable profits” board, I thought it was some kind of tongue-in-cheek reference to an Ayn Rand novel. Turns out, it was reality; my bad!

Oddly enough, that’s not the first time, in the last three years, that I’ve mistaken the people governing the country for the villains in a Rand novel. Go figure.

morganfrost on January 19, 2012 at 4:49 PM

Answers lie in history, look to FDR’s playbook, Kucinich is part of the CPC, he’s a socialist with ties to many leftist organizations, this is all part of the plan to attack big business and drive the class warfare wedge.

http://www.corson.org/archives/political/P96_110111.htm

http://cpc.grijalva.house.gov/index.cfm?sectionid=71&sectiontree=2,71

beacon on January 19, 2012 at 4:56 PM

Or we could just cut the gas tax. You know, get the federal government OUT of my transactions at the pump and let the states be solely responsible for maintaining their roads. Silly concept, I know.

WingedPanther73 on January 19, 2012 at 4:57 PM

I was just reading the actual text of the bill.

3 SECTION 1. SHORT TITLE.
4 This Act may be cited as the ‘‘Gas Price Spike Act
5 of 2012’’.

This title comes from a meeting of the “Unintended Consequences Department” and the “Bureau of You Can’t Make This Sh*t Up”.

gravityman on January 19, 2012 at 4:59 PM

There needs to be a corollary to Santayana’s phrase, “Those who cannot remember the past are condemned to repeat it.” Something like, “Those who do not read Ayn Rand are condemned to act out her novels.”

Bartrams Garden on January 19, 2012 at 5:01 PM

Ayn Rand was prophetic. These politicians need to read to the end of Atlas Shrugged and see what happens when they piss off too many of the producers.

Decoski on January 19, 2012 at 5:10 PM

That’s a might big foot in the door. It’s not even consitutional, but who give a crap about that anymore right?

John Kettlewell on January 19, 2012 at 5:10 PM

Wow are there some distrubing things in this bill…

The tax credit for fule efficient vehicles extends only to cars

‘‘(B) which is assembled in the United States by individuals employed under a collective bargaining agreement,”.

So a car that is imported whole to the US does not count? No credit for Nissan Leaf? Toyota Prius (is that union assembled in the US)? Essentially the credit is for the Chevy Volt only?

And here is a fun one…

15 ‘‘(b) DEFINITIONS.—For purposes of this section—
16 ‘‘(1) TAXABLE PRODUCT.—The term ‘taxable
17 product’ means any fuel which is a product of crude
18 oil
or natural gas.

Note the term “product of crude oil”. Aren’t nearly all plastics a “product” of crude oil? Aren’t many household cleaning products a “product” of crude oil? That law would seem to me to apply to more than just gas at the pump. That pretty much covers half the manufacturing businesses in the US (those few we still have).

And this could be interpreted as a scary bit, too…

1 ‘‘(A) 50 percent to the extent that the
2 profit on the sale exceeds 100 percent of the
3 reasonable profit on the sale but does not ex
4 ceed 102 percent of the reasonable profit on the
5 sale,

Calculated on a sale by sale basis, not on a quarterly or yearly balance sheet basis?

This bill is frightening!

gravityman on January 19, 2012 at 5:17 PM

Comrade BKeyser, there will be an extra chicken leg in your communal soup bowel tonight.

rgranger on January 19, 2012 at 5:53 PM

Though, at least when Kucinich ran for President, the Democratic Party held him to under 1% of the vote in the Iowa Caucuses and the New Hampshire Primary, suggesting relatively minor support for the guy inside the party. Meawhile, maniacs like Paul, Gingrich and Santorum regularly break into double-digits in critical early primaries — suggesting a much higher crackpot vote on the Red Team.

urban elitist on January 19, 2012 at 2:44 PM

Hey, you forgot to mention Obama, his wife, Biden, Hillary etc. All the Republicans together are models of sanity compared to this administration. We have a POTUS who knows how to kill jobs, golf, demagogue Republicans, golf, praise himself as one of the greatest presidents, more golf, bow to foreign leaders, even more golf, campaign, golf yet again, appease Iran, let’s not forget golf, and live with the angriest woman I’ve ever seen as FLOTUS, which certainly calls for golf.

Gladtobehere on January 19, 2012 at 6:03 PM

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.).

These un-American pieces of shite should be impeached.

BuckeyeSam on January 19, 2012 at 6:15 PM

Kucinich is a paper tiger, and an insane one at that.

College Prof on January 19, 2012 at 6:20 PM

Is it just me or does that picture of Dennis Kucinich look like Adolph Hitler without the mustache?

bgibbs1000 on January 19, 2012 at 3:31 PM

Boy are you deranged. Anyone can see Hitler parted his hair on the other side. Sheeze! What a dope!

http://www.fanpix.net/picture-gallery/adolf-hitler-picture-12032329.htm

They do seem to share the same taste for tan jackets, though.

ariel on January 19, 2012 at 6:43 PM

This interview gets to heart of the problem, Mark Levin on ‘Ameritopia:’ ‘We Now Live in a Post-Constitutional Country’

Gladtobehere on January 19, 2012 at 7:18 PM

Is there merit to this email circulating?

The Solar thing just got a little more interesting…….REALLY!
The Tonopah Solar company in Harry Reid’s Nevada is getting a $737 million loan from Obama’s DOE.
The project will produce a 110 megawatt power system and employ 45 permanent workers.
That’s costing us just $16 million per job.
One of the investment partners in this endeavor is Pacific Corporate Group (PCG).
The PCG executive director is Ron Pelosi who is the brother to Nancy ‘s husband.
Just move along folks…..nuthin goin on here.

onlineanalyst on January 19, 2012 at 7:34 PM

Oh, my. Are you sure this isn’t a clip from Part II of Atlas Shrugged?

Jaibones on January 19, 2012 at 8:19 PM

Yeah, you’re right, Kucinich isn’t stupid. And the people who continually vote him into office aren’t stupid either.

fogw on January 19, 2012 at 3:10 PM

Clevelanders elected Dennis as their mayor in 1976. And the city went into default in 1978 because he publicly refused to sell off the city-owned electric utility (which exists to this day) due to an intense hatred he had for the privately-owned Cleveland Electric Illuminating Co. – now a part of FirstEnergy.

Kucinich prevailed over a recall a year later, but subsequently lost re-election to George Voinovich. The city became a laughingstock right up there with the Cuyahoga River catching on fire and Dennis’ predecessor’s hair catching fire.

Those same people (most of whom bolted Cleveland for the West side suburbs, almost all within Dennis’ soon-to-be-eliminated district) elected him into Congress in 1996. And in every election since then.

They aren’t stupid. They are mentally challenged.

Myron Falwell on January 19, 2012 at 8:52 PM

Let’s have people who have no stake in the market have no idea what reasonable IS determine what “reasonable” means

FIFY

Don Michael Bitsconi on January 19, 2012 at 8:58 PM

Beautifully done. Thank you.

FerdtheMoonCat on January 19, 2012 at 10:37 PM

Might I add that any oil and natural gas obtained from drilling on private property in the US is normally subject to a 12.5% overriding royalty interest on ALL oil and gas produced and marketed from a well on their property which is payed to the owner. That means that the landowners are earning more profit (12.5%) than the oil companies are (10.2%)! Many of these people are farmers and poor country folk. OH THE HUMANITY!!!! /sarc

Glenn Jericho on January 19, 2012 at 11:40 PM

Suppose we take the total incomes, not just the average 27% tax they pay, from the top 3% of the income earners in the US. We find they have a total income of $905 billion of which they already pay $249 billion in taxes. So we’d make less than $3/4 of a trillion dent in the debt, less than the Obama bump that is staring at us, which is $1.2 billion. And these are 2008 figures. They are down for 2011.

Soak the rich is NOT going to cut the mustard. There aren’t enough rich to make soaking them really worth while. Nor will they sit still as nice residents of the US very long if they are taxed 100% of their net incomes. Furthermore, the richest of them can take their billions, leave the country with it by investing it elsewhere, and refuse to earn any income at all so the IRS can’t go after them as expatriates making money. Those earning $200k/year are sort of stuck in a bind, though. Their companies will get shut down. Employment dies. Ah well.

Now, why did *I* have to go get the IRS spreadsheet at http://www.irs.gov/pub/irs-soi/08in11si.xls? Why have none of the Republican candidates done this? Not even Ron Paul will bring up this pesky detail. Are they Republicans, conservatives, or Republicraps?

{^_^}

herself on January 20, 2012 at 3:34 AM

On the other hand, wackos like Ron Paul, bigots like Rick Santorum and pompous adulterers like Newt Gingrinch regularly do well in early Republican contests. I wonder which side has an extremist problem?
urban elitist on January 19, 2012 at 2:49 PM

I hear eating peach pits cures mental desease

go for it

Sonosam on January 20, 2012 at 8:52 AM

This bill will not be passed by the republicans in the house. The idea will be floated in the WH and our dear leader will go around congress to nominate 3 people to occupy this board. They will suck the money from the oil companies to fund dear leaders future efforts at transforming the country.

Kissmygrits on January 20, 2012 at 9:22 AM

hmm, is “reasonable profits” the updated phraseology for “fair share”?

pylgrym on January 20, 2012 at 10:07 AM

Yep.

Straight out of Atlas Shrugged.

Beyond belief.

dmbream on January 20, 2012 at 12:01 PM

Willard?

angryed on January 19, 2012 at 3:10 PM

I think you mean Wickard.

DrSteve on January 19, 2012 at 3:26 PM

Dude! If that was a Wickard v. Filburn reference, you’ve got game.

kunegetikos on January 20, 2012 at 3:10 PM

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