A Taxpayer CO2tastrophe

Professor Peabody · #1 (**permalink**) 07-17-2008, 06:33 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!

Professor Peabody · #2 (**permalink**) 07-18-2008, 02:39 AM

Quote:

Originally Posted by Professor Peabody

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!

If that's not bad enough, look what this absolute knucklehead wants to do with the money!!!!

This is what he said on his own website:

Quote:

Summary of Draft Carbon Tax Legislation Representative John D. Dingell

The earth is getting warmer and human activities are a large part of the cause. We need to act in order to prevent a serious problem. The world’s best scientists agree we need to reduce greenhouse gas emissions by 60-80 percent by 2050 in order to limit the effects of global warming and this legislation will put us on track to do just that.

Sounds responsible....right? But, read further.....

Quote:

The legislation I am proposing would impose the following:

A tax on carbon content:

* $50 / ton of carbon (phased in over 5 years and then adjusted for inflation)
o Coal, including lignite and peat
o Petroleum and any petroleum product
o Natural gas

A tax on gasoline:

* .50/ gallon of gas, jet fuel, kerosene (petroleum based) etc…(added to current gas tax) (phased in over 5 years and then adjusted for inflation)
o Exemption for diesel – The fuel economy benefits of diesel surpass even its emissions benefits; it provides about a thirty percent increase in fuel economy and a twenty percent emissions reduction
o Biofuels that do not contain petroleum are exempt. Biofuels blended with petroleum are only taxed on the petroleum portion of the fuel.

**The .50 gas tax is in addition to what is derived from the per ton carbon tax in the previous bullet.

Whoa, Johnny boy that's going to cost the average American Taxpayer quite a tidy bundle and your earned income tax credit doesn't come close to what we'll be laying out. But, it's all going to stop global warming....right?

Wrong!

Quote:

The revenue from the gas tax goes into the high way trust fund, with 40 % going to the mass transit and 60 % going to roads. The revenue from the tax on jet fuel goes into the airport and airway trust fund.

Finally, the revenue from the fee on carbon emissions will go into the following accounts:

* Medicare and Social Security
* Universal Healthcare (upon passage)
* State Children’s Health Insurance Program
* Conservation <----------
* Renewable Energy Research and Development <--------
* Low Income Home Energy Assistance Program

http://www.house.gov/dingell/carbonTaxSummary.shtml

So exactly HOW much of those multi-billions of tax dollars is actually going to go to "limit the effects of global warming and this legislation will put us on track to do just that."?

It looks likes it's going toward everything BUT!

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