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Another Bad Idea from DC

Recorded on January 21, 2012

From The Heritage Foundation, I'm Ernest Istook.

The latest bad idea comes from several liberal Congressmen.

They want government to decide what are “reasonable profits” for oil and natural gas products. Anything more would be taken away with a special new tax.

Who would decide what's reasonable? The President would appoint three people to set profit limits, but only for oil and gas. They would have complete control, with no standards and no limits.

But what about the multitude of businesses with higher profit margins than oil and gas? These include:

Financial advisors, Dentists, Accountants, Lawyers, Doctors, Chiropractors, Funeral Homes, Software companies, Education support, Photographers, and a host of others.

Oil and gas companies have big profits because they have huge amounts invested, but their rate of return is lower than lots of other businesses. And for none of them should government be put in charge.

From The Heritage Foundation, I'm Ernest Istook.