Why the Carbon Tax Would Backfire on America

From The Daily Signal.com (July 30):

Several members of Congress have floated different carbon tax bills in recent days, some of which have both Democratic and Republican sponsorship.

But marginal bipartisan support for enacting a new tax on American families and businesses doesn’t make it good policy. 
Different models and prices have been proposed, but they all tax activities that emit carbon dioxide on the premise that emissions are responsible for global warming, a cost to society which otherwise isn’t accounted for. They propose to address this “market failure” with a policy that could well lead to economic failure.

Families would pay more at the meter and the pump. Approximately 80% of America’s energy needs are met by natural gas, oil, and coal, which means the costs would be economy-wide. It would cost more to manufacture, which would drive up the price of manufactured goods. And it would cost more to farm, which would drive up the costs of food.

Analysts at The Heritage Foundation used the U.S. Energy Administration Information’s energy model to estimate the effects of a carbon tax to reduce carbon dioxide emissions as aggressively as possible between now and 2040. According to the model’s results, a carbon tax would cause:

• A peak employment shortfall of more than 1.4 million jobs.
• A total income loss of more than $40,000 for a family of four.
• An aggregate gross domestic product loss of more than $3.9 trillion.
• Increases in household electricity expenditures of 12% to 124%.

Even worse, the burden would be heaviest on low-income families who spend a higher portion of their budget on energy costs. Some carbon tax proposals acknowledge this and offer rebates from the tax revenue collected. [read more]

Yea, the carbon tax is a stupid idea. Then again if you are pagan like most Leftists are then this makes sense since pagans sacrifice themselves to the earth.

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