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Professor Peabody · #1 (**permalink**) 07-17-2008, 07:33 AM

Quote:

A Taxpayer CO2tastrophe

Monday, October 29, 2007
By: Elizabeth Wright

Wastewatcher, October 2007

House Energy and Commerce Committee Chairman John Dingell (D-Mich.) is proposing a 50 cent per gallon tax to be levied on gasoline and a $50 per ton carbon tax for coal, petroleum, petroleum products, and natural gas to help reverse global warming. Consumers will see tax increases, not only on already high-priced gasoline and other energy sources, but also on food and manufactured goods.

In addition to the increased gas tax, Chairman Dingell wants to pay for his carbon tax by phasing out the mortgage interest deduction for homes of more than 3,000 square feet, because they have “contributed to increased sprawl and longer commutes,” thus increasing man’s carbon footprint. A June 2007 study by the American Enterprise Institute, “Climate Change: Caps vs. Taxes,” estimated that a $25 per ton tax, half of what Chairman Dingell is proposing, would bring in $122.6 billion in revenue. Most of these taxes will be passed onto consumers.

Chairman Dingell stated in an October 6, 2007 Wall Street Journal column that he wants to “legislate well” and be “honest with the American people.” He wrote, “this is what we are going to have to do to you to fix global warming” and claims current efforts are insufficient to solve the problem. For example, he believes the cap-and-trade program is ineffective and can easily be evaded. That system allows companies that exceed government-established levels of pollution to buy emission credits from a company that remains below its assigned cap. Chairman Dingell also believes current greenhouse gas emissions reduction proposals are focused on too few businesses, especially the auto industry that is located in his district. His argument is that if Americans want to be serious about lowering the earth’s temperature, much more drastic measures, such as his carbon tax, are necessary.

http://www.cagw.org/site/News2?page=...s_iv_ctrl=1048

If Dingellberry and the Democrats get their way, hold on to your retirement accounts. The stock market is going to drop down to record lows and the money in your account will sink like the Titanic......man the life boats!