Carbon Tax May Follow Debt Ceiling Deal-
According to the Center for American Progress (CAP), the new debt ceiling deal may just lead to an imposed carbon tax in the near future. The reasoning behind the group’s presumption is mainly due to the fact that the deal eliminated revenue increases and tax code reforms – which could signify that a pending agreement is still possible. CAP maintains that Democrats will push revenue increases as part of the debt ceiling deal, and Obama will “have maximal leverage right after the 2012 election” since the Bush administration’s tax cuts are set to end unless action is taken. In theory, Obama could exchange the tax cuts and the corporate tax rate reduction for a carbon tax. While the idea is better than a cap-and-trade, it still has its negative aspects. American families are already under water with the dwindling job market and a government-imposed tax of any amount of its choosing doesn’t seem right when there still is yet a hope of stable work. How about start creating jobs, Obama administration, like you’d promised from the beginning – and then we can focus on taxing the masses for their emissions.