Skip to comments.Obama may levy carbon tax to cut U.S. deficit, HSBC says
Posted on 11/08/2012 2:07:04 PM PST by ExxonPatrolUs
Barack Obama may consider introducing a tax on carbon emissions to help cut the U.S. budget deficit after winning a second term as president, according to HSBC Holdings Plc. 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 Offices 2012 baseline, this would halve the fiscal deficit by 2022, Cap-and-trade legislation stalled in the U.S. Senate after narrowly passing the house in 2009.
(Excerpt) Read more at m.washingtonpost.com ...
Pardon me if I'm incorrect, but doesn't congress levy taxes? Did someone tell 0bama that he was elected emperor on Tuesday and can do as he pleases?
Nope! King Obama is a total dictator and his Staff of communists or his pen can do anything. There is no longer procedure for the use of the Senate or House and hasn't been for a long time.
Why not cut the EPA budget....to 0.
If you consider that Bohner is the speaker...
I suppose the Senate could try to eliminate the filibuster rule and pass the 2009 version of the House bill. But that sounds very, very suspect to me. Maybe even John Roberts wouldn’t bless it. Then again, who knows.
Well, look at the bright side. At least its regressive and will hit the bottom 50% that pay no income tax the hardest.
Sorry to everyone who drives a lot, though.
“I suppose the Senate could try to eliminate the filibuster rule and pass the 2009 version of the House bill.”
It’s my understanding that a Bill passed by only one chamber in a previous session of Congress dies with the end of that session. The Senate could do as you say, but only if the current House passes it again, which is unlikely, imo.
With exemptions for the Obama voters? Otherwise, they are cutting off their own chances. Or are they counting on Boehner to stop it and using it for an issue in 2014?
POS Reid will deem it passed and His Excellency will enact it. If not, he will issue one of his executive orders which no one will vote to kill.
It is nice to be king.
“Barack Obama may consider introducing a tax on carbon emissions..”
Obama could find one of his legislative lackeys to introduce a Bill that would levy a tax on organ grinder monkeys if he wanted to do so. Getting such a bill passed by the House is a horse entirely of a different color.
Clintoon tried this with the BTU tax.
must get Cap and Trade done any way they can
America is over.
Whew! I’m glad that’s solved.
Wow, Obama solved global warming and the deficit problem in one swell foop. I shoulda voted for him.
Yup....and then they will say they need a VAT tax. And then they will come after our 401ks. Bet on it !
Great, tax EVERYTHING into standing still. Bright idea!
Thanks - I agree.
Madness even to suggest! I bet it wouldn't raise a penny ... just destroy a huge number of industries and plunge the Union of Socialist States of America into a great depression so bad as to make the 1930s seem prosperous by comparison.
Yes you are incorrect. After 930 Executive orders you ask that? Dictators do not need a Congress to rubber stamp their edicts.
What makes you thing that the central planners wouldn’t exempt the takers?
Just like Argentina a decade back.
I do remember when Argentina went after all their citizens savings.
How about SHAMING Obama minions for giving away free stuff we can't afford? How about showing their nice stuff on tv hourly? OK, Democraps control tv but not youtube.
I say let ‘em have everything they want. Let them collapse the economy and country under the weight of government and ignorance. Let the cities burn. Let the takers in society starve through their own stupidity. It is simple Darwinism in action at this point.
In the words of Hank Williams Jr., “A country boy can survive.”
I agree. !!2022!! These jokers have no idea how close to the cliff we are. Looks like none of them took math or understand exponential functions. We could eliminate ALL federal departments and agencies and services, keep the tax revenue the same..... and STILL need to borrow billions to pay for the entitlements.
They haven't a clue. It's straight math, not politics. Margaret Thatcher had the guts to slash spending. But then, you have to have the guts to weather severe unemployment, loss of services, rioting, etc. Nobody in Washington has her courage to do what is necessary.
Despite the fact that it is Congress that levies taxes (at least historically and according to the Constitution), does anyone see the hypocrisy in a carbon tax?
1) It does nothing for carbon emissions - all heavy emitters have to do is buy credits from others!
2) There is absolutely NO link between atmospheric carbon dioxide levels (they have been going up in the last few years) and so-called global warming (global temperatures have been going down in the last few years).
It would make more sense to institute a tax on oxygen usage - at least then there would be no pretense that it was accomplishing anything but raising money for our morally and fiscally bankrupt politicians.
Oops, I probably shouldn’t give them any ideas for additional taxes.