Obama May Levy Carbon Tax to Cut U.S. Deficit, HSBC Says

[Stephanie]

Whoohoo for Obama...those who voted for him....MORE TAXES coming your way...TSK TSK

SNIP:


By Mathew Carr - Nov 7, 2012 10:05 AM CT.
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Barack Obama may consider introducing a tax on carbon emissions to help cut the U.S. budget deficit after winning a second term as president, according to HSBC Holdings Plc.

A tax starting at $20 a metric ton of carbon dioxide equivalent and rising at about 6 percent a year could raise $154 billion by 2021, Nick Robins, an analyst at the bank in London, said today in an e-mailed research note, citing Congressional Research Service estimates. “Applied to the Congressional Budget Office’s 2012 baseline, this would halve the fiscal deficit by 2022,” Robins said.

Hurricane Sandy sparked discussion on climate protection in the election after presidential candidates focused on other debates, HSBC said. A continued Republican majority in the U.S. House of Representatives means Obama’s scope for action will be limited, Robins said. Cap-and-trade legislation stalled in the U.S. Senate after narrowly passing the house in 2009.

North American discharges fell 1.3 percent last year amid slowing economic growth. In China, the world’s biggest emitter, greenhouse gases from fuel use rose more than 9 percent in 2011, according to BP Plc (BP/) statistics published on June 13.

“Cap-and-trade has been demonized” and Obama probably won’t seek to install such a program in his second term, Richard Sandor, founder of the world’s biggest carbon trading exchange in Europe, said today at the presentation in London of his book titled Good Derivatives.

New carbon trading programs in California, China and Brazil may encourage U.S. lawmakers to introduce greenhouse gas trading by about 2020, Sandor said.

‘Moral Authority’

“We’ve lost our moral authority in the U.S.,” he said. “You haven’t here in Europe.”

Prices in the European Union carbon market, the world’s biggest by traded volume, dropped to a four-year low in April on surging supply and flagging demand.

Obama and the U.S. Congress should consider a carbon tax to help meet the government’s looming need for revenue, according to the Center for Climate and Energy Solutions in Arlington, Virginia.

all of it here
Obama May Levy Carbon Tax to Cut U.S. Deficit, HSBC Says - Bloomberg

 

[bucs90]

Thought you guys wanted to cut the deficit?

 

[g5000]

Cap-and-trade has huge potential for securitization fraud. So it is not surprising some of the bigger broker-dealers on Wall Street are all for it. Just another way to steal from the common man's pocket.

If one wants to tax carbon emitters, a consumption tax is the better way to go.

Most, if not all, of our taxes should be consumption taxes.

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[The Rabbi]

It's DOA. He considered a carbon tax early in his administration and the GOP blocked it. Hell, Democrats won't vote for it.

 

[g5000]

It's DOA. He considered a carbon tax early in his administration and the GOP blocked it. Hell, Democrats won't vote for it.

Obama's previous attempt contained a cap-and-trade scheme and that is why it was defeated.

The passage of a pure Pigovian tax stands a better chance of succeeding.

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[Charles_Main]

Thought you guys wanted to cut the deficit?

With a Tax that will cost our Economy Millions, Drive up the cost of Heating our homes and powering our cars, and Kill Jobs?

Hardly lol

Were for cutting spending, not dreaming up ways to fund the current INSANE spending levels.

 

[Si modo]

Obama can try...again.

 

[LogikAndReazon]

Surely a global warming tax and a UN tax are desperately needed.................

For people, and things...................

 

[The Rabbi]

It's DOA. He considered a carbon tax early in his administration and the GOP blocked it. Hell, Democrats won't vote for it.

Obama's previous attempt contained a cap-and-trade scheme and that is why it was defeated.

The passage of a pure Pigovian tax stands a better chance of succeeding.

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It was defeated because it would raise energy prices dramatically. That's the same with this crap. On top of the Obama increase in taxes and the Obamacare taxes.

 

[g5000]

It's DOA. He considered a carbon tax early in his administration and the GOP blocked it. Hell, Democrats won't vote for it.

Obama's previous attempt contained a cap-and-trade scheme and that is why it was defeated.

The passage of a pure Pigovian tax stands a better chance of succeeding.

.

It was defeated because it would raise energy prices dramatically. That's the same with this crap. On top of the Obama increase in taxes and the Obamacare taxes.

Raise energy prices dramatically? What is your source for this claim?

$154 billion in consumption taxes each year. That will cover Congress' bar tab.

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[Rozman]

And to think this guy was elected.
People actually voted for him.
If he got into power because of a revolution that's one thing.
But he was voted in.

China's economy is thriving and this President wants to hamper our economy even more...

 

[Nova78]

There you go, fuck-over businesses that supply jobs....

 

[konradv]

To do it he'd have to get Boehner's cooperation. Think that's happening? Nothing to see here, except another rightie delusion!

 

[g5000]

If you want less of something, tax it. You want less carbon? Tax it. Producers of carbon will move to energy sources which produce less carbon.

Better to tax the things you want less of. Then you can move away from taxing things you want more of, such as income or property or corporations.

Consumption taxes are the way to go.

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[HereWeGoAgain]

Thought you guys wanted to cut the deficit?

Cutting the deficit is great. But not as good as not spending like a dum fuck with a fresh EBT card.
And of course it's easy to spend like a drunken hooker when your constituents dont have to pay it back. Unfortunately people who actually contribute to our country do.
Isn't America great?

 

[konradv]

Thought you guys wanted to cut the deficit?

Cutting the deficit is great. But not as good as not spending like a dum fuck with a fresh EBT card.
And of course it's easy to spend like a drunken hooker when your constituents dont have to pay it back. Unfortunately people who actually contribute to our country do.
Isn't America great?

The dumb fucks are those that don't realize it's the House that writes fiscal legislation and the Republicans are in charge there.

 

[HereWeGoAgain]

Thought you guys wanted to cut the deficit?

Cutting the deficit is great. But not as good as not spending like a dum fuck with a fresh EBT card.
And of course it's easy to spend like a drunken hooker when your constituents dont have to pay it back. Unfortunately people who actually contribute to our country do.
Isn't America great?

The dumb fucks are those that don't realize it's the House that writes fiscal legislation and the Republicans are in charge there.

So your telling me the deficit is the fault of Republicans? Your telling me the Republicans wanted socialized medicine? That they wanted to expand welfare rolls?
I could go on but I'm not going to waste my time.
Dude stfu you sound like a moron.

 

[Charles_Main]

To do it he'd have to get Boehner's cooperation. Think that's happening? Nothing to see here, except another rightie delusion!

Not even, He has indicated he believes he can get all the main effects of Cap and Trade with out Congress through the EPA, and I believe him.

 

[konradv]

Cutting the deficit is great. But not as good as not spending like a dum fuck with a fresh EBT card.
And of course it's easy to spend like a drunken hooker when your constituents dont have to pay it back. Unfortunately people who actually contribute to our country do.
Isn't America great?

The dumb fucks are those that don't realize it's the House that writes fiscal legislation and the Republicans are in charge there.

So your telling me the deficit is the fault of Republicans? Your telling me the Republicans wanted socialized medicine? That they wanted to expand welfare rolls?
I could go on but I'm not going to waste my time.
Dude stfu you sound like a moron.

The Republicans don't want what economists say we need to do about the deficit, attack it with cuts in spending AND increases in revenue. Calling me dumb just shows how clueless you are and why Romney lost last night. We don't have socialized medicine and welfare rolls aren't expanding anywhere near the amount the Republicans claim. All it shows is that you're out of touch with what's really going on. Don't want to discuss it with me, fine. I don't really want to waste my time on a kool-aid drinker anyway.

 

[konradv]

To do it he'd have to get Boehner's cooperation. Think that's happening? Nothing to see here, except another rightie delusion!

Not even, He has indicated he believes he can get all the main effects of Cap and Trade with out Congress through the EPA, and I believe him.

Hmmm, how does the EPA levy a tax? That's something that takes REAL faith to believe! Who's pushing that scenario? I'd like to read that analysis. I notice you said "indicated", i.e. some pundit put words in his mouth, no doubt.