Thats right they want to form a profit regulation group to decide what excessive profit is and how to regulate it. So if you own a company and have a booming year and make a massive profit. If this group gets created, get ready to hand most of that profit to the US government.

The group is proposed for oil profit but will effect all industry, including food, electronics, department stores, small businesses, farms, etc.

Source: I'm watching that jack a** Glenn Beck on headline news.

That sounds so ridiculous it sounds either untrue or distorted. Either way, I hate both republicans and democrats at this point.

not enough info for me to make any judgements.

 I added another sentence on why it was proposed.

So effectively the risks a company takes and potential losses they incur when trying to hit it big with a new idea will be magnified by reduced payoff when they do succeed.

So we will end up with a stagnant economy where doing anything different is shunned because the risk is not worth the (reduced) reward.

Profit taxing is one of the dumbest tax ideas yet...what will they think of next?

Wow, that is an awful idea. The only companies whose profit should be regulated are monopolies, like like the power company.

This is a stupid idea. I believe that oil company profits needs to be scrutinized like no other though (just paid fucking $4.10/gallon today, my Sentra costs as much to fill up now as a Hummer did 8 years ago).

You're lucky they didn't tax your tax yet.

If you can find a source outside of Glenn Beck I will form an opinion, otherwise it is just a guy (who I think is a republican) spouting hot air.