Posted on 07/05/2009 6:41:27 AM PDT by FlyVet
Jamie Dupree
Cap and Trade Extras
By Jamie Dupree
@ July 2, 2009 12:00 AM
Permalink | Comments (50) | TrackBacks (0)
I know, I know. I'm probably boring you to death by going through the Cap and Trade bill with a fine tooth comb.
But today, let's talk about how it would direct money to the working poor in America.
On page 1193, the bill would add a section to the Social Security Act on an "Energy Refund Program."
Basically, those making no more than 150% of the poverty line, would get monthly cash payments from the government to offset the extra costs that are caused by this bill.
In other words, as your energy bill goes up, the feds will help offset that increase.
That would mean single individuals making about $17,000 a year and families of four with $33,000 in income would be eligible for energy payments.
The bill would also tinker with the Earned Income Tax Credit, by doubling the EITC for those with no dependents, and include an inflation adjustment. That's on page 1209.
Then there is an interesting section right after the EITC language, Sec. 433, "Protection of Social Security and Medicare Trust Funds."
From the way I read it, the administrators of Medicare and Social Security would be able to tap into general revenues of the U.S. Government, if it is determined that the Cap and Trade bill has resulted in a reduction of revenues going into those two trust funds.
Let's say that again. The chieftains of Medicare and Social Security would be able to lay claim to tax dollars to offset money that did NOT come into the trust funds because of a loss of jobs attributed to the Cap and Trade bill.
The goal is to "place the Trust Fund in the same position at the end of such fiscal year as the position in which it would have been if such changes had not occurred."
And by the way, this is one of those 20 sections in the bill where "such sums" as necessary would be authorized.
So let's just review these three items:
* Payments to those making up to 150% of the poverty line to offset the costs of the Cap & Trade bill
* A doubling of the EITC for low income workers with no dependents who qualify for aid
* An open-ended funding of Medicare and Social Security money to deal with job losses and lower tax revenues caused by Cap & Trade
Have you looked through any of this bill yet? What are you waiting for?
If you want to download the bill to look for yourself, then here is your link: http://bit.ly/nOeu2
Right click on it to save the file on your computer.
Heard about this today on the Watchdog on Wall Street radio program.
The people who are going to get screwed by cap and trade is Joe the plumber. Farmers are exempt from emissions caps, crony capitalists, fascists would be a more appropriate term considering how much they are in bed with gov’t, got their handouts, unions got their Davis-Bacon wages for any project including installing light bulbs, and the poor get bigger gov’t checks.
Unfortunately, all of our lives will be affected by this crap. As I head toward retirement (maybe) in 8 - 10 years, our cost of energy will soar as will our taxes. And our taxes will flow directly to the leeches who will get this government largesse. It’s a double whammy — higher energy costs AND higher taxes to pay the higher energy costs of low-income schlubs. This is a complete man-caused disaster.
Right; those people who vote D every election, have never held a real job, and live on welfare, food stamps, MediCaid, etc., are now going to get others' income taken and handed to them to pay for this boondoggle, too.
There is NO end to the wealth-redistribution schemes this Congress and this Kenyan/Non-U.S. natural born citizen will enact to satisfy the ignorant, illegals, and non-productive (see tagline).
Ahhh. So one of the tenents of the Fair Tax will be implemented. Interesting.
This is too much, it’s time for Texas to bail.
But with the fairtax, everyone gets the prebate.
Re: your tagline - seems like she was sorta right... meanwhile, all of us producers have to go back to work tomorrow (well, those who aren’t already working today).
Does this apply to the non working poor?
But His Royal O-ness told us that there will be millions of new green energy jobs from cap-and-trade. Why would Medicare and SS need this line unless Obama was lying?
This smacks of Third World Socialism. Subsidize the cooking fuel of the poor..pretend to tax the rich while handing them big loans of govt money and starving the middle class and small business.
Sounds like the prebate from the idiot ‘fairtax’
No the fair tax prebate is for every person & only covers what is paid in taxes for food water shelter to the poverty level NOT 150%of the poverty level.
Suggest you actually do some research into the fair tax . YOu might actually learn something.
Suggest you actually do some research into the fair tax . YOu might actually learn something.
I understand, but they’re setting up the principle so that everyone will understand it.
This is not the first time Liberals have pushed Cap and Trade down our throats.
Remember the Clean Air Act and Sulfur Emmissions?
You could buy Sulfur Credits from companies like Enron who claimed that the credits were the emmission surpluses from companies who didn’t polute as much.
I suggest you might learn how not to double post - it make you look twice as stupid.
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