More craziness from the hill today, as congressional democrats are contemplating the return of cap and tax. Except this time, it’s mainly about taxing:
Rep. Jim McDermott (D-Wash.) introduced legislation Thursday that would tax carbon emissions, sparking criticism from the GOP.
The price on carbon would ramp up over time to incentivize greenhouse gas emission reductions, McDermott said in a statement. He said the bill would reduce carbon dioxide emissions by 80 percent compared with 2005 levels within 42 years.
A quarter of those carbon fees would go toward deficit reduction, with the remaining portion used to offset price increases.
?The American people care about the deficit and they?re worried about climate change — and we can fix both without hurting the economy,? McDermott said in a statement. ?My bill would reduce carbon emissions, and it returns all the money to consumers and deficit reduction. Businesses want this kind of predictability, consumers need to be protected, and we need to step up and address our climate and fiscal issues.?
Republicans opposed the effort precisely because of the economy.
“It’s hard to believe that Democrats in Washington are introducing an energy tax on consumers, especially as Americans are out of work and the economy remains sluggish,” Sen. James Inhofe (R-Okla.), the ranking member on the Senate Committee on Environment and Public Works, said in a statement Thursday. “A carbon tax will mean consumers will pay more at the pump and more for energy in their homes. An energy tax is the last thing that Congress should be considering.?
Another great reason to vote Republican this year.