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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
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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To: Sub-Driver

Obamugabe said HE was going to cut the deficit in half in four years.


21 posted on 09/26/2012 4:17:05 AM PDT by SoFloFreeper
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To: Sub-Driver

More left-wing arguments why a new tax is good for the economy.
Right.

The sad thing is, that some people actually believe this rubbish.


22 posted on 09/26/2012 4:18:29 AM PDT by Bon mots (Abu Ghraib: 47 Times on the front page of the NY Times | Benghazi: 2 Times)
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To: Sub-Driver
"Lower-income households, in particular, would face a disproportionate impact if revenues were not recycled back to them in some fashion," the report said.

Anybody thinks that Obama is going to make low-income people actually pay for their shared sacrifice (ha!)? We'll see the same pictures about people like the Macon Obama supporter complaining about her gas/electric bill standing in front of her big screen plasma, X box, et al "defiantly aksing who gonna take care of these here bills?"

Who actually will pay for it are middle income workers - those people who work to pay net income taxes. By the time they end up trying to get at wealthy peoples' money, they will have long moved it out of their reach. Obama will be forced to tax the middle bracket, and to take their 401Ks their private pensions, their IRAs, their Roth's, etc.

If Obama wins the election, I'm going to draw out my 401K before he can get it, and I'm going to do it before Dec 31 before the new rates kick in.

23 posted on 09/26/2012 4:18:58 AM PDT by Gaffer
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To: Sub-Driver

More blatant leftist propaganda in favor of the global warming HOAX based tax. It is just a pretext for the elites in Washington to take more of our money and squander it.


24 posted on 09/26/2012 4:27:15 AM PDT by VRWCRick
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To: Sub-Driver

“U.S. carbon tax could halve deficit in 10 years: report”

Yes, and collectivizing our farms will increase grain output, comrades.


25 posted on 09/26/2012 4:31:27 AM PDT by pieceofthepuzzle
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To: Andrei Bulba
I interviewed Wade Rathke on my public access television show. One of his last statements was a de facto admission that he and his ilk were working to redistribute our wealth throughout the world.

Acorn had now become Acorn international and "global economic and social justice" is their goal.

This is just one of their means.

26 posted on 09/26/2012 4:38:23 AM PDT by BillGunn (Bill Gunn for Congress district one rep. Massachusetts)
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To: Sub-Driver

This is one of the most stupid things I ever read.

Who the Fudge do they think will pay this tax.

ME —you snot booger. ME and the Americans who pay for everything.

They want to give the welfare and entitlement crowd a pass and make ME and the American taxpayer pay more and more and more until they frickin bleed us dry.

Not only that, but their Math is almost as bad as mine. I am no whiz at Math, but their figures are BS.

Where is that face palm?


27 posted on 09/26/2012 4:44:50 AM PDT by Venturer
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To: Venturer

Grrr. I left a jurisdiction that pays carbon taxes.


28 posted on 09/26/2012 4:58:31 AM PDT by JCBreckenridge (Texas, Texas, Whisky)
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To: Sub-Driver
Former Republican Congressmen Sherwood Boehlert and Wayne Gilchrest joined Democrats Henry Waxman and Ed Markey to support a carbon tax in February.

In July, former Republican Congressman Bob Inglis launched a think tank to promote a plan to raise taxes on fossil fuels while cutting income tax, a concept previously supported by former Democratic Vice President Al Gore.

Democratic Congressman Jim McDermott last month introduced a Managed Carbon Price (MCP) bill to cut and put a price on carbon emissions, while returning some money to consumers and using the rest to reduce the deficit.

I'm really glad we gave Inglis the boot in the GOP primary, I see he's still hanging out in DC with his friends.

29 posted on 09/26/2012 5:13:18 AM PDT by SC Swamp Fox (Aim small, miss small.)
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To: Sub-Driver

“U.S. carbon tax could halve deficit in 10 years: report.”

Dream on.

Politicians will find some way to spend anything saved, putting us farther in debt with higher taxes.


30 posted on 09/26/2012 5:14:19 AM PDT by chainsaw ("Two ways to conquer and enslave a nation. One is by the sword. The other is by debt.")
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To: Sub-Driver

A $50 tax on abortions could.....wait a minute....


31 posted on 09/26/2012 5:19:11 AM PDT by Gay State Conservative (Ambassador Stevens Is Dead And The Chevy Volt Is Alive!)
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To: Sub-Driver

“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.”

Thanks for the laugh.


32 posted on 09/26/2012 5:22:59 AM PDT by ScottfromNJ
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To: Sub-Driver

There would be no reduction, we all know that government would spend the new inflow of money and not use to reduce anything!


33 posted on 09/26/2012 5:23:34 AM PDT by Lockbox
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To: Lockbox

The price of energy would also increase dramatically. Of course probably not much impact on a president that owns a $2M home and pay golf over a 100 times a year...


34 posted on 09/26/2012 5:47:53 AM PDT by jsanders2001
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To: Lockbox

The price of energy would also increase dramatically. Of course probably not much impact on a president that owns a $2M home and plays golf over a 100 times a year...


35 posted on 09/26/2012 5:48:03 AM PDT by jsanders2001
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To: Sub-Driver
No mention of the millions of SUSTAINABLE* jobs that would be destroyed.

*A "sustainable" job is one that generates a profit for the employer. A job that does not generate a profit for the employer ceases to exist when the employer goes bankrupt. A government job is not a "sustainable" job, since it ceases to exist when all sustainable employers cease to exist.

36 posted on 09/26/2012 6:03:29 AM PDT by E. Pluribus Unum (Government is the religion of the sociopath.)
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To: PubliusMM

Close the Departments of Energy, Education and Commerce.
They produce nothing.


37 posted on 09/26/2012 6:04:31 AM PDT by Eric in the Ozarks (In the game of life, there are no betting limits)
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To: Sub-Driver

The problem isn’t revenue it’s on the spending side. They would just increase spending.


38 posted on 09/26/2012 6:08:01 AM PDT by albionin
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To: Sub-Driver

Carbon Tax would halve production, which would double the deficit.

Why do they pretend liberals would apply additional income to the deficit?


39 posted on 09/26/2012 6:11:02 AM PDT by G Larry (Which of Obama's policies do you think I'd support if he were white?)
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To: bert

And assuming Bambi doesn’t rack up more debt (which changes the numbers doesn’t it?)

No doubt the Yahooligans (pro-Obama yahoo commentators) are agreeing and repeating this nonsense like a mantra


40 posted on 09/26/2012 6:32:51 AM PDT by Babashane
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To: Sub-Driver

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

That’s a pretty fancy way of saying: From each according to his ability, to each according to his need.

Of course, the report assumes that there will be no future spending increases.


41 posted on 09/26/2012 6:36:14 AM PDT by CSM (Keeper of the Dave Ramsey Ping list. FReepmail me if you want your beeber stuned.)
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To: Sub-Driver

Wouldn’t this be ‘raising taxes on the middle class’?

And wouldn’t it hurt the poor and struggling disproportionally?

And of course, the premise on which Carbon taxation is based is fraudulent (Global Warming).

Of course the case could be made that soon, only the rich will have cars to tax carbon on, and we will all be using firewood to heat our homes, but then they might carbon tax that as well...


42 posted on 09/26/2012 6:55:37 AM PDT by Wildbill22
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To: Sub-Driver
Having read and uabsorbed long ago Henry Hazlitt's short book Economics in One Lesson I immediately understand that a carbon tax would not decrease the government deficit and would decrease revenue to government by decreasing economic activity to the extent that the carbon tax would result in smaller revenue overall to the government and an increasing Deficit, given no concomitant reduction in spending (does anyone think there would ever be a reduction in spending?).
43 posted on 09/26/2012 8:12:50 AM PDT by arthurus (Read Hazlitt's Economics In One Lesson ONLINE www.fee.org/library/books/economics-in-one-lesson)
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To: jdsteel

Lìberalism is a path to total power. Power is incomplete i.e. not total if there are competing sources of power in a society. Wealth beyond an ability to barely feed one’s self and family is such a source of power. It is not a mental disorder though it is amoral and ethical disorder of the gravest sort. Power is a natural ambition of human beings. The Free Market and Religion (Judeo-Christian based, primarily) is defense against total power seeking.


44 posted on 09/26/2012 8:23:20 AM PDT by arthurus (Read Hazlitt's Economics In One Lesson ONLINE www.fee.org/library/books/economics-in-one-lesson)
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To: ThunderSleeps

205 higher revenue begets at least enough higher expenditure to account for 150% of the additional revenue. That seems to be a political Law.


45 posted on 09/26/2012 8:25:38 AM PDT by arthurus (Read Hazlitt's Economics In One Lesson ONLINE www.fee.org/library/books/economics-in-one-lesson)
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To: Sub-Driver

Hey! I’ve got a great idea!

Let’s tax gasoline at $5 a gallon!

It’ll reduced the deficit by half in two years!

Whoopee!


46 posted on 09/26/2012 11:01:48 AM PDT by mojito
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To: driftdiver
>>> Their math doesn’t even add up. Since when is $122 Billion half of $1 Trillion?

Note in the article: "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."

THEY've done their math, by 2020 when carbon tax reaches $144 billion, it will be half of the US Debt. Along with the completely wrecked economy.

But that would not be our biggest problem in that situation then, would it?

47 posted on 09/28/2012 8:20:18 AM PDT by Sir Napsalot (Pravda + Useful Idiots = CCCP; JournOList + Useful Idiots = DopeyChangey!)
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