What new taxes under Obama? Massive new energy taxes.
Given Obama’s plans for significantly-increased spending, many have wondered where the new tax revenue that will be required will come from. We know about the new taxes on the “rich”, but certainly the hundreds of billions can’t all come from there.
An interview with Obama from almost a year ago tells the tale. In it, Obama talks about his energy policy and his plans to adopt Al Gore’s “Cap and Trade” system. But we should let him speak for himself:
“Let me sort of describe my overall policy… What I’ve said is that we would put a cap and trade system in place that is as aggressive if not more aggressive than anybody else’s out there…”
“Every unit of carbon or greenhouse gases that is emitted would be charged to the poluter…”
“So if somebody wants to build a coal-powered power plan, they can. It’s just that it will bankrupt them because they’re gonna be charged a huge sum…”
Now whenever producers are taxed, these new taxes must be passed on to consumers – you and I. Since about 50 percent of US electricity production comes from coal, we’re talking about potentially huge increases in the cost of energy in the US.
So let’s be clear. Obama’s policies require not just new taxes on the rich. They are new taxes on everyone.
I hope America knows what its doing.
“Experience keeps a costly School, but Fools will learn in no other, and scarce in that.”
Comment by Stephen — November 5, 2008 @ 2:36 pm