Calculate your one-day Carbon Belch !
Posted on 06/02/2008 5:02:35 AM PDT by gpapa
As the Senate opens debate on its mammoth carbon regulation program this week, the phrase of the hour is "cap and trade." This sounds innocuous enough. But anyone who looks at the legislative details will quickly see that a better description is cap and spend. This is easily the largest income redistribution scheme since the income tax.
Sponsored by Joe Lieberman and John Warner, the bill would put a cap on carbon emissions that gets lowered every year. But to ease the pain and allow for economic adjustment, the bill would dole out "allowances" under the cap that would stand for the right to emit greenhouse gases. Senator Barbara Boxer has introduced a package of manager's amendments that mandates total carbon reductions of 66% by 2050, while earmarking the allowances.
When cap and trade has been used in the past, such as to reduce acid rain, the allowances were usually distributed for free. A major difference this time is that the allowances will be auctioned off to covered businesses, which means imposing an upfront tax before the trade half of cap and trade even begins. It also means a gigantic revenue windfall for Congress.
(Excerpt) Read more at online.wsj.com ...
I thought the WSJ was in favor of global warming-related laws.
It was one of the areas in which they differed from conservatives. Even Murdoch agreed.
Nuff said...
Goodbye, American Industry! RIP!!
Thank you, John McCain. Thank you Joe Lieberman. Thank you John Warner. Socialists all.
I like the term cap and tax better. People don’t generally respond well to new taxes.
The gets turned up another notch and the frog still thinks he’s at the spa...
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