Cap-and-Trade Is The Largest Tax Increase in U.S. History

Newsmax/The Lid ^ | 10/28/09 | The Lid

[Shellybenoit]

One of Europe's solutions to the perceived global warming threat is trying to regulate carbon emissions through Carbon Credits The way it works is the government sets a or cap on the total amount of a pollutant that can be emitted. Companies or other groups are issued emission permits and are required to hold an equivalent number of credits. Companies that need to increase their emission allowance must buy credits from those who pollute less. In effect, the buyer is paying a charge for polluting, while the seller is being rewarded for having reduced emissions by more than was needed. Thus, in theory, those that can easily reduce emissions most cheaply will do so, achieving the pollution reduction at the lowest possible cost to society.

President Obama wants to bring Cap and Trade to the United States. The Democratic Party dominated Congressional Budget Office took a look what Cap and Trade would do for this country, and they reported it hurt the poor and middle Class in America.

Senator Inhofe says it will be the largest Tax Increase in History: