Well, that didn’t take long…and you thought Obamacare was a tax increase!
Less than 12 hours after Obama was officially re-coronated, and reports are coming out that Obama will push massive Cap and Trade carbon taxes to cut the US deficit during his 2nd term.
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,” Robins said.
Here comes the BS that what will likely become a Trillion dollar tax increase would not actually increase taxes:
Obama and the U.S. Congress should consider a carbon tax to help meet the government’s looming need for revenue, according to the Center for Climate and Energy Solutions in Arlington, Virginia.
The tax would not necessarily add to the economy’s total tax burden, according to Elliot Diringer, executive vice president of the research group. Such a tax may free up space for reductions in company taxes that dissuade employment, for example, Diringer said in an interview from Arlington.
In other news, on the heels of Tuesday’s victory the Obama team has announced the launch of a new administration slogan, Lean Forward: