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U.S. carbon tax could halve deficit in 10 years: report
Yahoo ^

Posted on 09/26/2012 3:38:58 AM PDT by Sub-Driver

U.S. carbon tax could halve deficit in 10 years: report Reuters – 2 hrs 10 mins ago

WAHSINGTON, Sept 26 (Reuters Point Carbon) - Imposing a $20 per metric ton carbon tax in the U.S. could reduce the country's budget deficit by 50 percent over the next 10 years, a report by the Congressional Research Service said on Tuesday.

Such a tax would generate approximately $88 billion in 2012, rising to $144 billion by 2020, the report said, slashing U.S. debt by between 12 and 50 percent within a decade, depending on how high the deficit climbs

The U.S. budget deficit has exceeded $1 trillion annually in each fiscal year since 2009, and could rise to between $2.3 trillion and $10 trillion by 2020, according to the Congressional Budget Office (CBO).

Since deficits can lead to reduced savings, higher interest rates and higher levels of inflation, reducing them is a high-priority issue in Washington.

The concept of using a carbon tax to combat the problem has been floated in Congress this year, but it comes with many potential downsides, the report added.

For example, households would face higher energy bills because utilities forced to pay the tax would likely pass the costs onto consumers.

"Lower-income households, in particular, would face a disproportionate impact if revenues were not recycled back to them in some fashion," the report said.

(Excerpt) Read more at news.yahoo.com ...


TOPICS: News/Current Events
KEYWORDS: carbontax; taxes
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Go away...........
1 posted on 09/26/2012 3:39:04 AM PDT by Sub-Driver
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To: Sub-Driver

The same lying sacks that said Obamacare would save money...


2 posted on 09/26/2012 3:42:08 AM PDT by KC_Conspirator
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To: Sub-Driver

Revenue recycled back to them? I don’t want to talk to people who think like this anymore.

Oh, by the way, if you make something more expensive you’ll get less of it. What the recent recession did to revenue a carbon tax will do it better.


3 posted on 09/26/2012 3:43:35 AM PDT by Tublecane
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To: Sub-Driver

Sure it would... if you don’t count the corresponding drop in revenue when said tax kills the economy.


4 posted on 09/26/2012 3:44:16 AM PDT by snowrip (Liberal? You are a socialist idiot with no rational argument.)
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To: Sub-Driver

Note it’s also a redistribution plan.


5 posted on 09/26/2012 3:44:21 AM PDT by Andrei Bulba (No Obama, no way!)
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To: Sub-Driver

Their math doesn’t even add up. Since when is $122 Billion half of $1 Trillion?


6 posted on 09/26/2012 3:46:07 AM PDT by driftdiver (I could eat it raw, but why do that when I have a fire.)
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To: Sub-Driver

How could anyone be foolish enough to believe this nonsense?


7 posted on 09/26/2012 3:47:55 AM PDT by iowamark
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To: Sub-Driver

Another thinly veiled wealth redistribution plan. I’ve got a better idea...

How ‘bout we cut all the BS, non-Constitutional crap the Feds have taken on, and we then pay down the debt with the surplus generated by that model?

Zero based budgeting in place of the sophistic baseline model in use today.
Cut the depts of Ag, Energy, Education, Labor, HHS.
Phase out Medicare and Social Security.

Get the Feds back within the confines of the Constitution and let the free market take care of the rest.


8 posted on 09/26/2012 3:50:00 AM PDT by PubliusMM (RKBA; a matter of fact, not opinion. 01-20-2013: Change we can look forward to.)
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To: Sub-Driver

We see Europe crashing and burning from policies like this and STILL they want to take us down that road. Savage is right; liberalism is a mental disorder.


9 posted on 09/26/2012 3:50:33 AM PDT by jdsteel (Give me freedom, not more government.)
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To: Sub-Driver
"Such a tax would generate approximately $88 billion in 2012, rising to $144 billion by 2020, the report said, slashing U.S. debt by between 12 and 50 percent within a decade, depending on how high the deficit climbs"

This wouldn't even reduce the annual deficit by half much less the national debt. The annual deficit has averaged 1.3 trillion a year in the era of Obama. This scheme would only reduce that by about one tenth. This debt would still be increasing by over a trillion dollars a year. What universe does this author live in?

10 posted on 09/26/2012 3:51:27 AM PDT by circlecity
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To: Sub-Driver

The CBO lied like the Democrat lackeys they are when they said that ObamaCare would not cost a trillion taxpayer dollars. After it passed, they “revised” their estimate to almost TWO TRILLION dollars. This office should be eliminated because they have never given a correct estimate on any entitlement that Democrats wanted.


11 posted on 09/26/2012 4:03:13 AM PDT by txrefugee
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To: Sub-Driver

And kill the economy with higher energy prices, while enabling the Statists.

No thanks. Get spending under control.


12 posted on 09/26/2012 4:04:16 AM PDT by FreedomPoster (Islam delenda est)
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To: Sub-Driver
TAX and redistribution, the cure-all.
13 posted on 09/26/2012 4:04:42 AM PDT by EGPWS (Trust in God, question everyone else)
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To: Sub-Driver

So will compounded inflation at roughly 7%.

The inflation process is pretty much already in place and will play out as it has before for hundreds of years


14 posted on 09/26/2012 4:06:17 AM PDT by bert ((K.E. N.P. N.C. +12 ..... Present failure and impending death yield irrational action))
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To: Sub-Driver

Why don’t these insane just shut up and go away? Lack of taxation is NOT the country’s problem


15 posted on 09/26/2012 4:06:18 AM PDT by mo (If you understand, no explanation is needed. If you don't understand, no explanation is possible.)
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To: Sub-Driver
It would TRIPLE the Deficit in 10 years,
because those Pin Heads would go on spending like there's no tomorrow.

16 posted on 09/26/2012 4:07:09 AM PDT by Falcon4.0
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To: Sub-Driver

A Carbon Tax would fund the Global Elite Government and only that.


17 posted on 09/26/2012 4:09:15 AM PDT by bmwcyle (Corollary - Electing the same person over and over and expecting a different outcome is insanity)
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To: iowamark
How could anyone be foolish enough to believe this nonsense?

Just watch this and see how

18 posted on 09/26/2012 4:11:36 AM PDT by EGPWS (Trust in God, question everyone else)
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To: Sub-Driver

Not a chance in h... Given more money, the jerks in Washington would just find more unconstitutional xxxxx to squander it on. No more money, work with what you get, or less.


19 posted on 09/26/2012 4:12:32 AM PDT by ThunderSleeps (Stop obama now! Stop the hussein - insane agenda!)
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To: iowamark

Liberals believe in this claptrap.

Liberals believe that if you raise taxes by a certain amount, that you end up with that amount of additional revenue in taxes. They don’t or won’t understand that a tax will change people’s behavior.

They also don’t understand how things are related. For example, this carbon tax could cause people to use less energy, which would mean less tax is collected than predicted. Also, consumers paying higher energy bills have less money to spend on other things, so that there is less economic activity in retailing, etc. If new taxes are imposed. But liberals who want a carbon tax to fight global warming don’t understand how these things work.

Unfortunately we have liberals in charge right now.


20 posted on 09/26/2012 4:14:59 AM PDT by Dilbert San Diego
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