More Scary News…

February 26th, 2009 | Posted in » In the News...

Seems like there’s something scary coming out of D.C. almost everyday anymore…

First, Obama wants to tax carbon emissions to create $50 – $300 billion dollars in additional tax revenue which will (theoretically) help curb global warming. At the high end, these numbers are half of annual social security benefit payments.

Um, who do you think will pay for this stuff eventually?

Applying these estimates to the roughly 120 million households in the U.S., the additional burden per household works out to be somewhere between $400 and $2500 per year! Sure… we won’t pay it directly on our tax bill, but it WILL show up elsewhere, passed through to us by the businesses it affects directly.

So much for economic stimulus.

Of course, Europe has gone this route already, implementing renewable mandates, cap and trade programs, etc. Carbon emissions in many locations have not changed a bit, but costs? Definitely up. All pain… no gain. And there’s been backlash against it… a retreating from those policies. But we want to give it a shot for ourselves?

And perhaps in more scary news, the projected deficit for the 2010 budget plan is $1.75 TRILLION dollars. Using that same 120 million household number from above, that’s almost $15000 per household (according to the article, it’s $12000 / taxpayer… $6000 per every person in the United States)! To make up that deficit, the federal government would have to more than DOUBLE income taxes (in 2007, total personal income taxes were only $1.4 trillion dollars, per IRS website).

Needless to say, I’m seriously concerned about what the next four years will bring for our nation!