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As of the end of FY12, the US government was hemorrhaging spending about $10.5 billion per DAY. So this tax would take 8 YEARS to raise enough to cover about 15 DAYS worth of spending.
I'd just love to know how that would "halve the fiscal deficit" by any year when any of us (or our children, for that matter) would still be alive.
Posted by RandomJD 2012-11-07 14:19||
#2 A moron elected by morons.
Posted by g(r)omgoru 2012-11-07 14:24||
#3 Hmmmm....last I checked, under our Constitution's Separation of Powers Doctrine, the US House of Representatives initiates tax-writing. Sure, they can do it at the suggestion of the President, but they are under no requirement to write up his taxes on demand.
#4 I'd just love to know how that would "halve the fiscal deficit"
It's a post-normal science thing RandomJD. Math doesn't matter, feeling good is everything.
Posted by tipper 2012-11-07 17:34||
#5 the US House of Representatives initiates tax-writing.
Of course, Rivrdog. But bureaucrats write regulations at the behest of the White House without need for old-fashioned laws.
Posted by trailing wife 2012-11-07 18:09||
#6 carbon tax would be less destructive than a big jump in the Cap Gains tx
Posted by lord garth 2012-11-07 18:58||
#7 What they are not talking about is how that would effect the price of gasoline because it seems to me that's how they would implement the tax, on either the oil or the pumps. It might generate a lot of cash but it would be extremely unhelpful to our economy.
Posted by rjschwarz 2012-11-07 21:08||
#8 Technocrats believe they can create the Perfect Society. Turn this dial here, tweak this parameter there, change one thing and Voila!
But anyone working with complex systems knows there is no such thing as 'one thing'. Everything is deeply inter-twingled. Sure, a carbon tax will generate a trifling bit of deficit reduction. But it will drive up the cost of fuel, of energy production and it will make any manufacturer with an energy-intensive process look elsewhere before building a plant in the US. One teensy change in a parameter, but a BIG hit on the economy.
Posted by SteveS 2012-11-07 22:08||