There is a good reason this man never had a successful run for any office higher than he currently holds. I am shocked he is still in office and feel it speaks volumes about gerrymandering in Ohio. But Dennis is up to his progressive hyper-liberal ways again and he and some other left leaning representatives have proposed a doozy of a bill. The working title designed to fool you and me is. Gas Price Spike Act of 2012. This is another bill from the left to “protect” us from evil business. What is this bill really all about? They tell us in the opening paragraph.
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.
Once again we have a bill designed to rape business to foster a false green agenda. Tax credits for fuel-efficient cars and more money for mass transit. While I understand that the need for mass transit in the inner city is vital to many, This is just another way of redistributing the wealth.
This is another bill that would establish an agency. But it is not called that. It sets up within the IRS a working group which will, with no guidance from the legislature determine what is considered “excess profit”. Only a leftist would even conceive of such a plan. Once the 3 person committee appointed by the President (and not including anyone from the industry) establishes that profit ceiling and money earned over that threshold is taxable at a graduated scale. Here from the bill.
‘‘(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.
Bear in mind that nowhere in this bill does it establish what is “reasonable profit” That would be left to the three person committee that does not exist yet but would at the discretion of the President set that number. Once again we have a congressman who is willing to abdicate his duty to pass all laws of the land and establish a “law” with no real boundaries.
Here are the players in this proposal
Mr. KUCINICH (for himself, Ms. WOOLSEY, Mr. CONYERS, Mr. LANGEVIN, Ms. FUDGE, and Mr. FILNER)
1. Write to the Ways and Means committee and have them kill this pig right in committee.
2. Mount vigorous campaigns to unseat these leftists.
We must stop this intrusion from the federal government into the free market. It does not work.