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Life imitates art, Atlas Shrugged edition, episode 137

Posted by Richard on January 23, 2012

Here’s some news you may have missed last week. From The Hill:

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.

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.).

Pam Geller called it “Post-American Statism” and asked:

This is straight out of Ayn Rand’s novel, Atlas Shrugged — what next? The “Anti-Dog-Eat-Dog Rule,” and “The Equalization of Opportunity Bill”?

Didn’t Obama already appoint an Equalization of Opportunity Czar? I’ve lost track.

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