Monday, December 10, 2012

Double Down

California, the state so nice they might tax you twice:
Last month, environmentalists cheered as California launched a cap-and-trade program, but talks of a federal carbon tax raised concerns about double taxation.

The San Francisco Chronicle reports that while the chances of a federal tax on carbon emissions being adopted are still remote, California state officials are worried enough to have started discussing the prospect.
....

According to the Brookings Institution, a $20 per ton carbon tax that rises 4 percent annually would raise $150 billion per year over ten years and reduce carbon emissions 20 percent below 2006 levels by 2050.

However, a study from the Institute for Energy Research’s Robert Murphy found that a carbon tax would make the tax code more convoluted and hinder economic growth.
Needless to say, this is probably what the environmentalists want, as businesses have yet another reason to leave the once-Golden State.

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