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

Discussion in 'Politics' started by Stephanie, Nov 7, 2012.

  1. Stephanie
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    Stephanie Diamond Member Supporting Member

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

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    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
     
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  2. bucs90
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    bucs90 Gold Member

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    Thought you guys wanted to cut the deficit?
     
  3. g5000
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    g5000 Diamond Member

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    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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    Last edited: Nov 7, 2012
  4. The Rabbi
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    The Rabbi Diamond Member

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    It's DOA. He considered a carbon tax early in his administration and the GOP blocked it. Hell, Democrats won't vote for it.
     
  5. g5000
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    g5000 Diamond Member

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    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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  6. Charles_Main
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    Charles_Main AR15 Owner

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    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.
     
    Last edited: Nov 7, 2012
  7. Si modo
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    Si modo Diamond Member

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    Obama can try...again.
     
  8. LogikAndReazon
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    LogikAndReazon Gold Member

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

    For people, and things...................
     
  9. The Rabbi
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    The Rabbi Diamond Member

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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.
     
  10. g5000
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    g5000 Diamond Member

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    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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