Sunday, May 24, 2009

"95% will receive a tax-cut"

Obama's tax-cut promise was a tax cut for 95% of Americans. We all knew this was a lie from the beginning, since >40% of Americans didn't pay ANY taxes under Bush, and Obama's proposal didn't include a cut in a single marginal tax rate, for anyone.

Thursday, the House Energy & Commerce Committee passed the initial legislation for "Cap and Trade" laws to limit CO2 emissions. This is the first step in the Democrats' plans to raise taxes on 100% of Americans. Don't be fooled by the term "Cap and Trade". Many economists are calling this "Cap and Tax" for good reason, and the burden of this new TAX will hit poor American households the hardest.

The benefits are minimal too. Even if you accept that CO2 causes global warming (which I do not), estimated benefits to this policy is to prevent warming of 0.2 degrees C over 100 years. Even for the starkest global warming alarmist, the proposed benefit cannot justify the cost. This legislation will be destructive to the US economy and will hurt Americans. It must be stopped.

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