Friday, March 20, 2009

Cap and Trade's Regressive Tax

Yesterday, I wrote about the $2 Trillion cap and trade proposal by the Obama administration. One of the things I mentioned was that cap and trade represented a regressive tax. Today's article by Jillian Bandes, by the same title as the post, reports on a Tax Foundation report that tells us just how regressive such a tax would be.

Greenpeace claims benefits which would offset the tax, but their first claim, that global warming would be stopped, is fictional. Their claim of "green jobs" also requires subsidies from still other taxes in order to work. The whole thing reminds me of children happily making mud pies. They show the mud pies to Mom, who declares them gorgeous, but in reality no one is going to eat them.

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