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GREEN ALERT: Hidden Carbon Tax Provision in Paulson’s Bailout 2.0
Capital Research Center ^ | October 2, 2008 | Matthew Vadum

Posted on 10/02/2008 10:24:05 AM PDT by vadum

Why is the mainstream media ignoring what might be the most earth-shattering provisions in Treasury Secretary Henry Paulson’s Bailout Package Version 2.0?

If you look at page 180 of the 451-page monster bailout bill that easily passed the Senate yesterday (PDF here), you will see that it includes at Section 116 language about the tax treatment of “industrial source carbon dioxide.” It also provides, at Section 117, for a “carbon audit of the tax code.”

What could a provision about the tax treatment of “industrial source carbon dioxide” and another provision about doing a “carbon audit” of the tax code possibly have to do with restoring confidence in Wall Street’s troubled credit markets?

The answer: NOTHING.

This appears to be an attempt by global warming fanatics to lay the foundation for an economy-killing carbon tax just like the “cap-and-tax” system that is now destroying European industry.

If you think the Mother of All Bailouts is bad, just wait till you see the carbon tax. Get ready to reduce your standard of living drastically.

It really shouldn’t be a surprise that these non-germane provisions are included in legislation that is supposed to save all of us from economic Armageddon.

After all, Henry Paulson is a confirmed environmentalist and global warming true-believer who abused his power at Goldman Sachs. While Paulson headed Goldman Sachs he simultaneously headed the Nature Conservancy and his wife was a former Conservancy board member. (See “In Goldman Sachs We Trust: How the Left's Favorite Bank Influences Public Policy,” by Fred Lucas, Foundation Watch, October 2008.)

Henry Paulson presided over Goldman Sachs’s donation of 680,000 acres of land it owned in Tierra del Fuego, Chile to the New York-based Wildlife Conservation Society.

One of the trustees of the Wildlife Conservation Society was H. Merritt Paulson, the son of Henry Paulson.

As green critic Paul Driessen observed, at no time did anyone “assess the vast area’s potential value for timber, oil or metals, so that locals and [Goldman Sachs] shareholders would at least know the true cost of the giveaway.”

And the media tells Americans to trust Henry Paulson to do the right thing when doling out taxpayer dollars to his former colleagues on Wall Street?

The media needs to start asking hard questions.

(Hat tip to Paul Chesser, of Center for Climate Strategies Watch, as posted at AmSpecBlog)

(Crossposted at NewsBusters here)


TOPICS: Business/Economy; Front Page News; Politics/Elections
KEYWORDS: bailout; carbon; globalwarming; paulson
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1 posted on 10/02/2008 10:24:06 AM PDT by vadum
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To: vadum

Doesn’t Goldman Sachs have alot to gain with ‘carbon trading’?

Bite me! Bite me hard! I ain’t buying any stinkin’ carbon units!


2 posted on 10/02/2008 10:29:39 AM PDT by griswold3
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To: griswold3

GS has replaced Enron.


3 posted on 10/02/2008 10:30:17 AM PDT by Entrepreneur (The environmental movement is filled with watermelons - green on the outside, red on the inside)
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To: Entrepreneur

This is a big fake crisis made for the benefit of zerObama.


4 posted on 10/02/2008 10:31:35 AM PDT by shankbear (Al-Qaeda grew while Monica blew)
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To: vadum
If there is a tax in the bill, then it can be challenged on constitutional grounds since it didn't originate in the House.
5 posted on 10/02/2008 10:32:46 AM PDT by Perdogg (Vice President Sarah H Palin - Make it happen !!!!)
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To: vadum

Unbelievable. This makes my eyes bleed. Its pointless to write again to Specter or Casey. I don’t see Specter running again. I can only hope to work for conservative Senators in PA. Emailing my Rep for the 5th time. Don’t know what he can do. If this thing gets passed in any fashion no matter what is in it the conference commmittee will put in what they want.


6 posted on 10/02/2008 10:33:38 AM PDT by Belasarius (Yet man is born unto trouble, as the sparks fly upward. Job 5:2-7)
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To: vadum

He is a Global Warming Advocate.


7 posted on 10/02/2008 10:33:51 AM PDT by rlmorel (Who is Saul Alinsky and why is Barack Obama a disciple of his methods?)
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To: vadum

“If you look at page 180 of the 451-page monster bailout bill that easily passed the Senate yesterday (PDF here), you will see that it includes at Section 116 language about the tax treatment of “industrial source carbon dioxide.” It also provides, at Section 117, for a “carbon audit of the tax code.”
What could a provision about the tax treatment of “industrial source carbon dioxide” and another provision about doing a “carbon audit” of the tax code possibly have to do with restoring confidence in Wall Street’s troubled credit markets?”

I certainly hope that the Republican House members who voted NO the first time are aware that this bill is much worse. They need to save the USA and vote NO again.


8 posted on 10/02/2008 10:34:42 AM PDT by kittymyrib
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To: vadum; FrPR; enough_idiocy; rdl6989; IrishCatholic; Normandy; Delacon; ...
 




Beam me to Planet Gore !

9 posted on 10/02/2008 10:36:16 AM PDT by steelyourfaith
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To: vadum

Is it time yet? Is it TIME???


10 posted on 10/02/2008 10:37:13 AM PDT by 2harddrive (...House a TOTAL Loss.....)
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To: vadum

Thanks McCain.

I expected better from you ....

WAKE UP!

If you have to nearly OD on Geritaol but get it togeher and learn some FACTS about this.


11 posted on 10/02/2008 10:39:10 AM PDT by nmh (Intelligent people recognize Intelligent Design (God).)
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To: vadum

Thanks McPain.

I expected better from you ....

WAKE UP!

If you have to nearly OD on Geritaol but get it togeher and learn some FACTS about this.


12 posted on 10/02/2008 10:39:24 AM PDT by nmh (Intelligent people recognize Intelligent Design (God).)
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To: vadum

Thanks McPain.

I expected better from you ....

WAKE UP!

If you have to nearly OD on Geritaol but get it togeher and learn some FACTS about this.


13 posted on 10/02/2008 10:39:27 AM PDT by nmh (Intelligent people recognize Intelligent Design (God).)
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To: vadum
All that crap was in H.R.6049, passed by the House (May 21) and later (Sept 23) passed by the Senate and sent back to the House.

The House was going to "sit" on H.R.6049, thereby killing it. It was just re-inserted into the empty shell of different House bill (H.R.1424, for what its worth), in combination with House-originated bailout language [basically what the House rejected Monday, with a few window-dressing amendments], and is now back in the House.

Another way to look at it is that this crap is in the House in two forms, Senate-passed H.R.6049, and Senate-passed H.R.1424.

14 posted on 10/02/2008 10:41:37 AM PDT by Cboldt
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To: vadum

Methane gas has increased 150% in the atmosphere since the mid 1700’s. (During the same time period, carbon dioxide has increased only 30 %.) A gram of methane gas has more than 25 times as much greenhouse gas impact as a gram carbon dioxide. As many know, flatulence, “farts,” are composed almost entirely of methane gas.

Therefore, Al Gore has developed a new program to combat this obviously increasing peril to our planet, and make a little money for himself at the same time.

It is called Fat Al’s Recycle Technology.

Everyone will be required to wear a “F.A.R.T. meter,” (Cost $75, available only from Al Gore) which will record and automatically transmit to a new government agency (the Federal Automatic Recording Technology Department) the occasion of each fart and the volume thereof.

For an additional fee of $4,500, interested parties can purchase a fart capture device (available only from Al Gore). This 25 pound device can be conveniently worn under the special clothing available also from Al Gore in attractive shades of brown.

When full, the interested consumer can present his fart capture device to Al Gore’s recycling center, where for a fee of $0.10 per fart, the captured farts will be recycled into the US natural gas distribution system. Al Gore also will receive a modest fee of only $0.015 per fart for the energy content of the gas.

The interested consumer will also receive “fart credits” for the number of farts he recycles. These “fart credits” can be traded to other consumers, who elected not to purchase a fart capture device, through Al Gore’s Fart Trading Exchange. Al Gore will extract only a small commission of $0.01 per fart for each trade.

All Consumers will be required to be “fart neutral” by a “Cap and Trade” regulation, administered by the new Federal Automatic Recording Technology Department.

Legislation is being developed as we speak, by the concerned Speaker of the House, Nancy Pelosi, and her erstwhile compatriot in the Senate, Harry Reid.

Get ahead of the mandated stampede to control this growing threat to our planet. Get you fart capture device now.

Simply contact Al Gore and follow his instructions.


15 posted on 10/02/2008 10:42:36 AM PDT by LOC1
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To: vadum; Jim Robinson

Hey Jim, howabout a “Goldman Sachs Truth File” - more rocks are getting kicked over every day.


16 posted on 10/02/2008 10:50:39 AM PDT by Notary Sojac (I'll back the bailout if Angelo Mozilo lets me borrow his Lamborghini on Saturday nights.)
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To: LOC1
re: post #15

roflmao!

17 posted on 10/02/2008 10:55:39 AM PDT by robomatik ((wine plug: renascentvineyards.com cabernet sauvignon, riesling, and merlot))
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To: vadum

The bill proposes a two year study by a national institution with the idea that carbon tax implementation would occur thereafter. It means there will be an effective governor on energy use by the economy, in compliance with many writers evidencing a generally agreed decision to cut energy use in the US by 15% sby 2020 (less air-conditioning, less auto gas, etc). A fifteen per cent reduction from current energy use would prolong a depression or recession significantly. We are not industrialized anymore, and a carbon tax will suppress recovery significantly. The recession is going to deepen for several years, a recovery....who knows for how long with such meddlesome govt. intervention, will be prolongued. Remember the Depression of ‘29 reached its depths in ‘33, and the confirmed recovery by sustained uptick was not until ‘47. This one bodes to be longer, much longer, with apparently as good as infinite govt. intervention in the offing.


18 posted on 10/02/2008 11:00:16 AM PDT by givemELL
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To: vadum

The media needs to start asking hard questions.

LOLOL!! This from the article. Boy, I almost wrecked my keyboard when I read that one!


19 posted on 10/02/2008 11:03:09 AM PDT by saganite (Obama is a political STD)
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To: LOC1

That is hilarious but not terribly far off the mark I fear.


20 posted on 10/02/2008 11:04:55 AM PDT by Ditter
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