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

apdst

apdst

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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.

Obama May Levy Carbon Tax to Cut U.S. Deficit, HSBC Says - Bloomberg
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Yeah. Reid's talking about raising taxes too.

My guess is that we'll see a combined top rate of somewhere around 50% in the not too distant future and corporate rates that end up being in that range as well.

I suspect that we'll see the individual rate go to the 39.6% but we will also see a lot more "surtaxes" like the one on investment income that starts next year. For corporations I'd hazard a guess that the rates will be reduced to something like 27% but that, like with the individual rate, we will see a whole slew of regulatory fees and excise taxes. I also wouldn't be surprised to see the employer portion of SS to get bumped by the 2% that the employee side was reduced.

It'll make everybody happy. Obama can say he catered to the Republicans by reducing the corporate rate and then blame them when it doesn't raise a damned thing and more businesses close.
 
Lutherf said:
Yeah. Reid's talking about raising taxes too.

My guess is that we'll see a combined top rate of somewhere around 50% in the not too distant future and corporate rates that end up being in that range as well.

I suspect that we'll see the individual rate go to the 39.6% but we will also see a lot more "surtaxes" like the one on investment income that starts next year. For corporations I'd hazard a guess that the rates will be reduced to something like 27% but that, like with the individual rate, we will see a whole slew of regulatory fees and excise taxes. I also wouldn't be surprised to see the employer portion of SS to get bumped by the 2% that the employee side was reduced.

It'll make everybody happy. Obama can say he catered to the Republicans by reducing the corporate rate and then blame them when it doesn't raise a damned thing and more businesses close.
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Obama hates private business; I can't see him lowering corporate tax rates, unless he screws the hell out of the business sector with the abolition of write offs and deductions.
 
Obama May Levy Carbon Tax to Cut U.S. Deficit, HSBC Says
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That'll help the economy... :roll:
 
I thought y'all were all about fiscal responsibility and closing the deficit and stuff? Barack just can't win with you guys eh?
 
Ohhhhhhh noesss the sky will fall in.

Actually, Carbon taxes are the best way to effectively reduce emissions acording to mainstream economics.
 
Are we talking about a carbon tax or corporate carbon emissions tax? If the former I am not sure I agree would have to see the detailas if the latter go for it.
 
StillBallin75 said:
I thought y'all were all about fiscal responsibility and closing the deficit and stuff? Barack just can't win with you guys eh?
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Creating new taxes, that will hurt the job market isn't "fiscal responsibility".
 
Stewart said:
Ohhhhhhh noesss the sky will fall in.

Actually, Carbon taxes are the best way to effectively reduce emissions acording to mainstream economics.
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Best way to send jobs overseas, too. I thought Obama beat the crap out of Romney over outsourcing jobs.
 
apdst said:
Best way to send jobs overseas, too. I thought Obama beat the crap out of Romney over outsourcing jobs.
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You guys lost the competivity competition with the low-wage countries a long time ago. What's happened to the trend of unemployment (current displacement excepted)?
 
Purely conjecture at this stage, although if put into writing would not so much as sniff passage in the House.
 
Americans just voted for tax increases, increasing the deficit, increasing inflation and lowering income. The will of the people should prevail. Raise carbon taxes to $1 a pound. The government needs to money. If the government had a carbon tax of $1 per pound and raised taxes by 50%, not only could the government increase entitlements it also would possibly slow the growth of the debt. State and local governments should increase property taxes, licenses, fuel and utility taxes and other fees by 100%. This would allow local and state government to create all the need governmental new roles to protect the environment and everyone.
 
What planet are you from where Republicans were ever for a carbon tax?

Fiscal responsibility means lower spending.

StillBallin75 said:
I thought y'all were all about fiscal responsibility and closing the deficit and stuff? Barack just can't win with you guys eh?
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LOL

:lamo

joko104 said:
Americans just voted for tax increases, increasing the deficit, increasing inflation and lowering income. The will of the people should prevail. Raise carbon taxes to $1 a pound. The government needs to money. If the government had a carbon tax of $1 per pound and raised taxes by 50%, not only could the government increase entitlements it also would possibly slow the growth of the debt. State and local governments should increase property taxes, licenses, fuel and utility taxes and other fees by 100%. This would allow local and state government to create all the need governmental new roles to protect the environment and everyone.
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StillBallin75 said:
I thought y'all were all about fiscal responsibility and closing the deficit and stuff? Barack just can't win with you guys eh?
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haha..fiscal responsibility...although obama is responsible for a good chunk of this amount too bush racked up most of it:

csdxxc.jpg

lets be honest, neither party is fiscally responsible. they're both spend spend spend, just on different things.
 
Carbon credits and taxes. :lamo

Lets get serious about raising taxes and cutting those deficits. 500% tax increases on video games, cell phone data plans, and all sin taxes. Line em up and knock em down.
 
VanceMack said:
Carbon credits and taxes. :lamo

Lets get serious about raising taxes and cutting those deficits. 500% tax increases on video games, cell phone data plans, and all sin taxes. Line em up and knock em down.
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how about we just stop subsidising foreign countries with 'aid'. that would save 53 billion/year. closing our overseas facilities in only the countries that hate us, like egypt, cuba, pakistan, and many others would save another 100 billion.
 
roflpublican said:
how about we just stop subsidising foreign countries. that would save 53 billion/year.
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Id a done that 20 years ago. Not the point. You want real 'responsibility'...lets get busy.
 
I would welcome a carbon tax, but I think it's essentially dead on arrival in the House of Representatives.
 
roflpublican said:
haha..fiscal responsibility...although obama is responsible for a good chunk of this amount too bush racked up most of it:

View attachment 67137493

lets be honest, neither party is fiscally responsible. they're both spend spend spend, just on different things.
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TWO METHODS OF CALCULATIONS:

Total cost of "wars"... $1.3 Trillion.

National debt $16.1 trillion

So "war accounts for what, 8% of the debt.

CALCULATION #2

Total costs of wars: $1.3 Trillion
Cost of 9/11 attack: $3.3 Trillion

Savings of avoiding another 9/11? $2 TRILLION.

Blaming "the wars" doesn't work, does it?
 
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