Obama May Levy Carbon Tax to Cut U.S. Deficit

[AUTaxMan]

http://www.bloomberg.com/news/2012-1...hsbc-says.html

Wonder who the tax burden will fall on?

[pwaldo]

A tax starting at $20 a metric ton of carbon dioxide equivalent and rising at about 6 percent a year could raise $154 billion by 2021, Nick Robins, an analyst at the bank in London, said today in an e-mailed research note, citing Congressional Research Service estimates.

So doing this would only raise $154 billion by 2021? Effectively doing nothing to the deficit but at the same time raising the cost of almost everything in this country.

In fiscal 2008 U.S. foreign aid spending was $49.1 billion.
The next year foreign aid spending was $44.9 billion.

So instead of cutting foreign aid the government is going to play with a fragile economy and something that could hurt the middle class to essential do something that will raise less money than the cost of all the foreign aid spending we will do by the year 2021 if we continue our ways with foreign aid.

[AUTaxMan]

The whole point of Obama's attack on the energy industry is to get the price of energy so high that the insanely-expensive "green energy" will be competitively priced.

[pwaldo]

The whole point of Obama's attack on the energy industry is to get the price of energy so high that the insanely-expensive "green energy" will be competitively priced.

I would assume that since it is doing nothing to raise funds. I just find it hilarious that they think $154 billion in 9 years is a big deal. That amounts to an average of about $17 billion a year. Nothing to sneeze at but it isn't going to but the deficit by much. I just showed how cutting foreign aid would help cut the deficit more and it wouldn't raise the cost of anything and it wouldn't risk US jobs.

BTW does anybody think it is a good idea to borrow money from China to give to other countries? Better yet we borrow money FROM China to GIVE BACK to China.

[Wickabee]

He may?

Sounds like Romney's entire plan.

[shrewsbury]

This is one thing the GOP should be fighting against. instead of wasting time fighting gay marriage and abortion, we need to kill these crazy taxes, cut business taxes, and get rid of the taxes that killed the coal industry and send those people back to work.
the cost of building and maintaining a green home is crazy much less the time it takes to keep it going. you have to be a retired millionaire.

[pwaldo]

This is one thing the GOP should be fighting against. instead of wasting time fighting gay marriage and abortion, we need to kill these crazy taxes, cut business taxes, and get rid of the taxes that killed the coal industry and send those people back to work.
the cost of building and maintaining a green home is crazy much less the time it takes to keep it going. you have to be a retired millionaire.

Nah I think they need to continue to get their heads pounded in for another 40 years fighting about an abortion law that passed in what the 1970s. Why would they want to help people and focus on something that a majority of people actually care about?

[shrewsbury]

so they can be different from the dems, I guess

[pwaldo]

so they can be different from the dems, I guess

I was being sarcastic in my last post......

Of course I want at least one major party to care about the economy.

[shrewsbury]

so was i my friend!

it would be nice if someone was about the economy