The basic situation is this: the Democrats wants to pass a $3.5 trillion spending bill and they don’t know how to pay for it. Their first choice was what it always was: to hike taxes on the working class and make normal Americans pay for their pet projects and big government ideology.
However, that’s hit a roadblock since Arizona Democrat Senator Kyrsten Sinema says the hikes on personal and corporate taxes are too high. Now, the Democrats are looking at doing a carbon tax as a way to pay for their massive bill.
How Much Should Carbon Cost?
Carbon is emitted all the time from driving, daily tasks, and industrial energy production. The bill being drafted by the Democrats allegedly will stick to Biden’s vow that he’s not going to hike taxes on any family that makes under $400,000 per year.
The thing about carbon taxes is once big corporations get hit with them and pay a penalty for carbon emissions, they will pass that onto consumers in the form of higher prices. As jobs and wages stay the same and prices rise, this leads to even more hard times as consumers face a rising cost of living.
Even though the carbon tax under discussion reportedly might allow gas to go untaxed, the rising costs for companies to produce and ship goods will obviously get passed on to the consumer. This will lead to more companies trying to leave the US for their center of operations.
As usual, the Democrats are attacking working people and our heartland while pretending to care about some emotional issue: in this case, the environment.
Democrats in Congress suddenly going "new look at the carbon tax?" is a sign that things are much worse on passing the reconciliation bill than anyone thought.
— Varad Mehta (@varadmehta) September 24, 2021
Killing Fossil Fuels
The main purpose of a carbon tax is to make it less and less affordable to keep using and producing fossil fuels. This would supposedly lead to producers focusing on solar energy, nuclear power plants, and other methods like wind power that don’t produce carbon.
At this point, a carbon tax is only a proposal, but these things can become reality quickly. Either way, we’re certainly looking at the top tax rate going up to 39.6% from where it’s been at 37%. If that isn’t high enough, we now have to content with a possible carbon tax.
President Trump kept income tax as low as he could at 37%; so, of course, the Democrats want to raise his 2017 rates. They also have their eye on the 21% corporate tax rate and say that’s going up as well.
We can only speculate about the nightmare number they’ll come up with to fund their Green New Deal nonsense.
Senate Democrats are developing a carbon tax as an option to help pay for Biden's agenda https://t.co/h08kg6beJ8
— Bloomberg Politics (@bpolitics) September 24, 2021
Democrats say they are leading the charge on “decarbonization.” Their exploration of a carbon tax to pay for the $3.5 trillion bill is the stuff of nightmares.
This is all the more reason why it’s important not to give the left power, because once they have it, they just keep squeezing until there’s nothing left.