motherjones.com - 2/27/2009
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The Washington Post reports on Barack Obama's plan for the revenue from his climate change plan: As for cap-and-trade, the official said the administration believes it will generate enough money to fund a variety of priorities, including investments in renewable energy and rebates for vulnerable ...
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Editors: Obama Taketh Away
Articles on National Review Online —
... of itemized deductions for taxpayers in the top income-tax bracket, while simultaneously raising their tax rates. The message is clear: Turn more of your money over to us, and we ll give it away for you. Not all of Obama s tax increases would come from higher rates. His budget would also impose a tax on energy in the form of a cap-and-trade program. The problems with this plan are numerous. Obama expects to fund some $100 billion in spending with proceeds from cap-and-trade. But, as Kevin Drum pointed out in ...
How likely is that cap and trade revenue?
Megan McArdle —
Kevin Drum crunches a few numbers on Obama's projected revenues from carbon permits and says he thinks they're about right: That sounds like roughly $100 billion per year. Is that reasonable? The United States produces about 7 billion tons of CO2 equivalent a year
right now, which means that Obama expects his cap-and-trade plan to
generate a price of about $14 per ton in its first year -- assuming it
covers every single molecule of carbon emitted in the U.S. If only
half of all emissions are covered at first, it means a ...
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