Less than 24 hours after winning the election, Obama has indicated he plans to further impoverish Americans by imposing carbon taxes.
Obama is selling it as a way to cut the budget deficit, according to Bloomberg.
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. “Applied to the Congressional Budget Office’s 2012 baseline, this would halve the fiscal deficit by 2022,” Robins said.
Elliot Diringer, executive vice president of the Center for Climate and Energy Solutions, said a carbon tax wouldn’t hurt the economy. In fact, according to Diringer, the tax may free up space for reductions in company taxes that dissuade employment.
In the wake of Hurricane Sandy, Congress has renewed the discredited climate change argument to push legislation.
“While Sandy’s lessons are still fresh, the president should be clear about the urgency of cutting carbon emissions and strengthening critical infrastructure to protect Americans against the rising costs of climate change,” the the Center for Climate and Energy Solutions said.
The group receives funding from the Rockefeller Brothers Fund and the Pew Charitable Trusts.