Friday, May 14, 2010

A(nother) Great Big Tax

Democrat Cap And Tax Scheme

Wednesday, John Kerry (D-MA) unveiled the Democrats’ cap and trade bill in the Senate. It is 1,000 pages of new regulations, tax hikes and income redistribution. Many conservatives refer to cap and trade as “cap and tax,” but you don’t have to take our word for it.

John Dingell (D-MI) is the longest-serving Democrat in the House of Representatives. He referred to cap and trade as “a great big tax.” Warren Buffett has called it “a huge tax…and a fairly regressive one.”

The liberal New York Times inadvertently admits it even as it acknowledges that cap and trade is a massive redistribution of wealth scheme. Here’s how the Times described Kerry’s bill in a May 13th column: “Two-thirds of allowance revenues raised by the program, outside the 25 percent that goes toward paying down the deficit, will go to households through their utility bills. Low-income residents will receive additional rebates.”

If Congress wants to reduce the deficit, don’t come up with great big, huge new taxes. Just cut spending! And why bother imposing a tax when you know from the outset that 66% of it will be given back? Where’s the logic in that? It’s socialist redistribution of wealth plain and simple. It couldn’t be more obvious.

And why are those rebates necessary? Because cap and trade is a massive tax on energy intended to cause utility rates to skyrocket. Don’t believe me? Barack Obama told the San Francisco Chronicle in 2008, “Under my plan of a cap and trade system, electricity rates would necessarily skyrocket.”

Unfortunately, it’s more than just your utility bill. Cap and trade will cause food prices to skyrocket, it will cost families $1,800 a year, and lead to $7.00 a gallon gasoline.

Gary Bauer

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