Skip to comments.Carbon Tax in Obama's $3.9-Trillion Budget Hits All Americans
Posted on 03/10/2009 12:47:38 PM PDT by IbJensen
Amongst the several revenue-raising proposals in President Obamas $3.9-trillion budget proposal is a carbon tax that will impact all American families. His budget aims to raise $646 billion through a cap-and-trade tax on energy.
Last year, Peter Orszag, who was then Director of the Congressional Budget Office and is now President Obamas Director for the Office of Management and Budget, testified before the House Ways and Means Committee on a similar proposal. Speaking about a cap-and-trade proposal to cut carbon emissions by 15%, he said it would cost the average household about $1,300 a year through higher energy costs. He also noted that working class families would be hardest hit.
President Obamas current proposal aims to cut carbon emissions by more than 3 times that of last years proposal 83%. John Feehery, writing in The Hill last week, noted that using Director Orszags analysis, this would mean that the average family will pay close to $4,000 a year, or $333 a month.
The White House seems to acknowledge that the costs of this tax will impact low-income families hardest and suggests a $500-a-year subsidy. But, that doesnt even cover two-months cost for the average family. And, it doesnt take into account the increased costs for everything from groceries to school supplies that a carbon tax will also impose on everyone. We had a little taste of that last summer with the increased fuel costs adding to the costs of just about all consumer goods and Im not sure American families want to return to that budget-busting scenario.
House Gives Bankruptcy Judges Ability to Rewrite Mortgages
Last week, the House of Representatives passed a bill that gives bankruptcy judges the ability to rewrite the terms of mortgages, commonly known as cramdown. From the bench, they could reduce principal, extend terms, and revise interest payments. Experts estimate that mortgage rates could rise as much as 2 full percentage points as lenders jack up their rates to price for this new and very unpredictable risk.
Given the state of the economy, Congress should be working to ensure greater stability and certainty, and Congress certainly shouldnt be doing anything that could increase costs for struggling homeowners. In effect, cramdown is a tax on all the responsible homeowners. This is the last thing homeowners and our economy need.
Whats more, President Obama, in his budget proposal, has also recommended capping the home mortgage interest deduction to raise revenues for his universal health care proposals. As the San Francisco Chronicle noted in its editorial on this proposal on Sunday, March 8th: Most Americans counted on a mortgage-interest deduction when they bought their homes. This is no time to take it away.
Taken together, cramdown and limiting the home mortgage interest deduction would be a sucker punch to Americas already hurting housing market.
He is a Manchurian Candidate who has been programed by his handlers to destroy the economy of the USA.
Carbon taxing was a poltical loser even in Canada. GOP should sieze on this.
Oh crap our 2008 nominee is for it too.
It’s about time we all tell Ze-ro where he can shove his carbon-tax.
One has to ask whether the foreign money he allegedly received during his campaign included inducements to help move the rest of our country’s manufacturing industries to China.
Not a problem. My boss will give me a $1300.00 raise to cover zero’s mess /sarc
Yeah, but he won't be our 2012 nominee.
I’m sorry to inform you that I’m not going to be able to pay the taxes owed on April 15th, but all is not lost.
I paid these taxes:
accounts receivable tax, building permit tax, CDL tax, corporate income tax, dog license tax, federal income tax, unemployment tax, gas tax, hunting license tax, fishing license tax, waterfowl stamp tax, inheritance tax, inventory tax, liquor tax, luxury tax, Medicare tax, city tax, school and county property tax up to 33% the last four years. Real estate tax, Social Security tax, road use tax, toll road tax, state and city sales tax, recreational vehicle tax, sales franchise tax, state unemployment tax, federal excise tax, telephone tax, telephone federal state and local surcharge tax, telephone minimum usage surcharge tax, telephone state and local tax, utility tax, vehicle tax, registration tax, capital gains tax, lease severance tax, oil and gas assessment tax, Ohio property tax, Ohio, Michigan, Indiana, Kentucky and many more I can’t recall and I’ve run out of space and money.
When you do not receive my check April 15th, just know that it was an honest mistake. Please treat me the same as the way you’ve treated Congressman Charlie Rangel, Chris Dodd, Barney Frank, ex-congressman Tom Daschle and, of course, your boss, Timothy Geithner. No penalties, no interest.
PS, I’ll try to make at least a partial payment as soon as I get my stimulus check.
With the growing problem with his past supporters, I wouldn’t be surprised if they don’t start demanding impeachment. If the GOP waits just a little longer, they may get a lot of support for this.
This is fricking insane. I can no longer afford this filthy POS and the rest of the criminals in DC.
I would really enjoy seeing his smug-a$$ed attitude impeached. It would send a message to all pols that we are sick and tired of their BS.
Include half the house and half the Senate in that. In this way, they would all get the message loud and clear.
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