Obama may levy carbon tax to cut U.S. deficit, HSBC says

Washington Post ^ | 11-7-2012 | Mathew Carr and Bloomberg News

[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 Office’s 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.

[cvq3842]

Thanks - I agree.

[ArrogantBustard]

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,

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.

[Graneros]

Yes you are incorrect. After 930 Executive orders you ask that? Dictators do not need a Congress to rubber stamp their edicts.

[JewishRighter]

What makes you thing that the central planners wouldn’t exempt the takers?

[SENTINEL]

"Yup....and then they will say they need a VAT tax. And then they will come after our 401ks. Bet on it !"

Just like Argentina a decade back.

[LongWayHome]

I do remember when Argentina went after all their citizens savings.

[Missouri gal]

How about a taxpayer revolt?

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.

[FerociousRabbit]

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.”

[Scooter100]

"....this would halve the fiscal deficit by 2022,"

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.

[jda]

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.