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HOW CAP AND TRADE CAN MAKE YOU FEEL RICH.
Apparently, White House economic adviser Jason Furman is telling Hill staffers that the administration's cap and trade plan might raise much more than the $646 billion they've projected in revenues. How much more? Two to three times that.
COMMENTS (4)
Who on JournoList is codenamed Momma and what does he/she mean by wonk you out?
Posted by: Podesta? Chait? Your Mother? | March 19, 2009 4:28 PM
No doubt something quite ribald!
Posted by: Evelyn Quince | March 19, 2009 4:51 PM
In the argument for cap and trade is the percieved unpaid costs of carbon.
The problem with the current proposed legislation is the tax money collected by cap and trade will do nothing to address those costs. It's just an excuse to tax businesses more. The money doesn't go to help any environmental issues.
Cha-CHING!! $$$$$
Posted by: El Viajero | March 19, 2009 6:03 PM
That is inaccurate, El Viajero. What it does is incorporate into the price signal to consumers and industry an amount dependent on carbon emission. This incorporates the carbon externality into economic calculations.
I actually prefer a straight up and heavy carbon tax with full rebate to taxpayers. But if we did that, Republicans would demagogue about taxation.
Not that that's any different from what they're doing anyway.
Posted by: Zephyrus | March 20, 2009 4:02 PM