Update on Biggest Tax Hike Ever - The American Spectator | USA News and Politics
Update on Biggest Tax Hike Ever

A colleague had ruminated that the $300 billion per year the Obama administration had floated as the assumed revenues from selling “global warming” ration coupons was so much greater than any tax increase in history, and such a breathtaking gamble, that possibly they would pull their punch after word got around, or else had in mind coming in lower than that staggering sum in order to finesse an “expectations” ruse.

Whichever occurred, we now read that they are projecting between $79 and $82 billion per year in cap and trade revenue from selling energy ration coupons (p. 123). At least this was well thought out…

$80 billion a year, that is, until the scheme succeeds in “bankrupt[ing]” its targets as then-candidate Obama vowed was the purpose. Such a bargain!

Still, that’s almost twice the cost of the last stab at this, the BTU tax, so maybe they’ll lose twice as many seats as a result that Gore claims BTU cost them (there’s only one Congress that can change hands). Then again, business was organized against BTU. Now, many have figured out how to sell their support in return for some “rents” from the scheme, more on which next week. So the game is on, let’s see who takes the field.

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