Remember the promise of “Nobody making under 400,000 bucks will have their taxes raised, period, bingo” from Joe only last year?
American Spectator (7/19/21) column: "The New York Times reported Monday that Democrats intend to include a carbon border tax in the $3.5 trillion budget reconciliation bill that is linked to the sweeping infrastructure package chugging toward completion. With its advantages in both chambers of Congress, the Democratic Party has the ability to make this momentous change to U.S. policy — one that could yield more than $15 billion in additional government revenue — without a single Republican vote. Fundamentally, a carbon border tax is a mechanism by which a government raises prices for importers on goods made with affordable, carbon-based energy in other countries. Facing new costs themselves, those importers inevitably pass on higher prices to the rest of us. The plan Democrats introduced Monday includes new taxes on imports of petroleum, natural gas, and coal but also on cement, iron, steel, and aluminum — industrial staples the prices of which factor into countless goods Americans buy each day. The New York Times reports that such products make up 12 percent of all imports to the United States...A carbon border adjustment is yet another way for politically connected companies to cushion their revenue through the power of government — and for the government to cushion its own revenue while claiming to save American industry. Though the carbon border tax is a tricky concept, the end result of the Democrats’ plan would be quite clear: higher prices for Americans."
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"Tariffs—which are, once again, nothing more than taxes on your own people and domestic industries—aren't a particularly effective tool at getting other countries to change their behavior. It's like telling your annoying neighbor that you'll smash your fist into your own front door if he doesn't stop blasting his music."
– Eric Boehm, Reason
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