Willl National Energy Tax Destroy Economies?
If you ask Texans, they’ll tell you that the Democrats’ National Energy Tax will destroy their economy:
State comptroller Susan Combs said that if passed, a landmark climate change bill winding its way through Congress could cost the state 164,000 jobs and shave some $25 billion per year, or 2%, off the state’s total economic output.
“Texas is the kitchen of the country. We cook up all of the products that are used elsewhere,” said Ms. Combs, a Republican, referring to the state’s large petrochemical and plastics industry. “The recipe for disaster is being cooked up in Washington D.C.,” she added.
Ms. Combs joined Gov. Rick Perry, also a Republican, at a meeting with industry leaders in the state capitol to discuss the threat of federal climate-change policy and underscore the energy-producing state’s skittishness towards the environmental concerns that are at the core of the Obama administration’s policy-making.
“I happen to think that what they are discussing could wreck our traditional energy industry and put a very serious dent in our economy,” said Mr. Perry. He repeated his view that the proposed provisions that recently passed out of committee in the House of Representatives amounted to the largest tax increase in history. The provisions would put a limit on emissions of the gasses blamed for climate change and require companies to pay for permits to pollute. As a result, “Every American that uses any source of energy would see their bills go up,” he said.
It’s shocking that Democrats would think of passing this bill, especially considering the minimal impact it would have on the environment. As Rep. Lee Terry told me yesterday, the Democrats’ bill would classify CO2 as a pollutant. He also said that Democrats were making special allowances based on political affiliations, not science.
This leads to a bigger question of trusting Democrats. If Democrats are writing legislation based largely on political payoffs, rather than on sound policy, shouldn’t we question whether their policies are solid? I understand that legislation will involve a fair amount of posturing for political advantage. It’s just that I think that the biggest policies must be decided on science, not pure politics.
Technorati Tags: Energy, Cap And Trade, National Energy Tax, Taxes, Unemployment, Democrats, Rick Perry, Susan Combs, Lee Terry, Republicans
Cross-posted at LetFreedomRingBlog
June 10th, 2009 at 2:31 pm
O well thats probably good news for all the anti wealth idealogues, those people in Texas are finally getting their just rewards for not taxing the rich enough.
June 11th, 2009 at 1:47 am
Inheritance tax is money that is paid on the value of the property you own. There is a nil rate band and can be assessed when you send in your inheritance tax return. The nil band rates can affect your capital gains tax.
June 11th, 2009 at 12:55 pm
Let’s see…lost jobs=gov’t dependency=Blue State……yeah, that’s a plan….