TrojanAthlete saidThis is a wonderful idea...for the USSR.
We don't regulate profit in America. We regulate to make sure no corporation infringes American citzens' rights of justice and liberty or destabilizes domestic tranquility and the general welfare.
Kucinich has jumped the shark and needs to retire. This is disgraceful.
Agreed. As well, up here in what some US people claim is a socialist country, we have no such thing.
Actually, some profits are regulated in America so there is precedence. For instance:
"The Florida Public Service Commission is committed to making sure that Florida's consumers receive some of their most essential services — electric, natural gas, telephone, water, and wastewater — in a safe, affordable, and reliable manner. In doing so, the PSC exercises regulatory authority over utilities in one or more of three key areas: rate base/economic regulation; competitive market oversight; and monitoring of safety, reliability, and service[/i]"
I'm not advocating it at this time but I could see justification for regulating gas and food as utilities.
See also http://en.wikipedia.org/wiki/Food_and_Fuel_Control_Act
Its official name was "An Act to Provide Further for the National Security and Defense by Encouraging the Production, Conserving the Supply, and Controlling the Distribution of Food Products and Fuel" and became law on August 10, 1917. It banned the production of "distilled spirits" from any produce that was used for food
This is a really good point, I think. Regulation of price increases, for example, is a lot different than punitive taxation. The gov't benefits with cash infusions from such punitive taxes, and as all gov'ts go, will end up relying on them, so I see a conflict of interest.
I think a limitation on a price increase (regulation) has no special interest taking money, except relief from sticker shock for the consumer trying to buy a necessity, not a luxury.
Not only could oil be seen as a utility, but the windfall profit tax could be seen as payback for the American taxpayer's military expenditures and the American blood which opens up and assures continued access to crude and for protecting shipping lanes for both crude & refined products, without which the corporations wouldn't have windfall profits.
That's one of my biggest beefs with people who think they don't owe society any percent of their profit. Idiots who think they did this all on their own. Who think they don't have to pay for the infrastructure including the protection which makes possible the environment which allows for those profits. They didn't do this on their own. Generations of other people's blood did this for them.
The conflict of interest you mention can be seen somewhat mitigated because government has to keep its public working if it is to continue to collect taxes. For some cities to keep employees, some have rent controls. For people to be able to eat, the government might set farm product prices, etc.
The American and other governments regulate profits in a myriad of ways, through taxation as your OP suggests, through rate & price controls, even through rezoning properties which favor one person over another, through placement of railroads and highways, eminent domain, community redevelopment efforts, govt sponsored R&D which might benefit one industry over another, etc, all of that regulating profits.
But outside of a possible permit fee, they don't so much regulate the profits from garage sales, the last bastion of free enterprise.