Stories like this make me look back on the huge erection of 2008 and try to fight it off as my sadness is slowly consumed by unbridled rage. Before we go on, you have to remember two things:
1) Most exit polls show that a majority of Americans believed that Obama was going to be the one who lowered their taxes.
2) Our candidate was the Bizaro Great Communicator who allowed the to happen.
That brings us to the “cap and trade” policy that, according to supporters, only taxes those big evil corporations who act all evil and corporationy. They wouldn’t dream of raising taxes on poor, under 250k a year American’s who make up 95% of the country.
Wanna bet? Read the fine print, Slapnutz…
Politicians love cap and trade because they can claim to be taxing “polluters,” not workers. Hardly. Once the government creates a scarce new commodity – in this case the right to emit carbon – and then mandates that businesses buy it, the costs would inevitably be passed on to all consumers in the form of higher prices. Stating the obvious, Peter Orszag – now Mr. Obama’s budget director – told Congress last year that “Those price increases are essential to the success of a cap-and-trade program.”
Hit hardest would be the “95% of working families” Mr. Obama keeps mentioning, usually omitting that his no-new-taxes pledge comes with the caveat “unless you use energy.” Putting a price on carbon is regressive by definition because poor and middle-income households spend more of their paychecks on things like gas to drive to work, groceries or home heating.
Mind you, this was BEFORE Peter Orszag joined Team Obama and was forced to go on talk shows and defend economic policies you know that in his right mind he can’t defend (see Summers, Larry and Turbo Tax, Lil’ Timmy for more).
Right now would be a good chance for some of our top budget guys (Paul Ryan, I’m looking in your general direction), or possibly a Fair Tax advocate to pick up the ball and tell us how this all sucks, and how they would do it better.
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