by Christopher Helman, Forbes Staff
In a scene straight out of Ayn Rand’s “Atlas Shrugged,” a group of congressmen have submitted a bill that would create a “Reasonable Profits Board” to regulate how much profit oil and gas companies are allowed to make.
The board would consist of three members, appointed by the President of the United States to three-year terms, and would be responsible for determining when oil companies were making excess profits. The law would levy a windfall tax ranging from 50% to 100% of those excess profits.
In case you’re wondering, according to the bill, “The term ‘reasonable profit’ means the amount determined by the Reasonable Profits Board to be a reasonable profit on the sale.”