Prometheus » Blog Archive » Climate Revenue in the Budget

More generally, as cap and trade legislation works its way through Congress you can fully expect a very loose cap to result because policy makers will never let it constrain GDP growth. So the cap will have loopholes and safety valves and other such back doors. What we will then have is a highly inefficient carbon tax, with lots or room for games and shenanigans (and making money for clever investors) in the carbon derivatives market. Only a subset of the new revenues will actually be going to clean energy technologies, the most important element of Obama’s climate policy, with the rest going into the general treasury.

Heliogenic Climate Change: Obama to raise your energy costs $31.5 billion

The Obama administration has proposed eliminating what it termed "oil and gas company preferences" as it released its proposed fiscal 2010 federal budget on Feb. 26. The move would raise nearly $31.48 billion of revenue by fiscal 2019, it said [costs which oil and gas companies will pass on to you -- my comment].

The Energy Tax Budget | GlobalWarming.org

Finally, for the highest quintile, the lower income limit is just $88,000. If you earn that amount, even if you have two income earners in the household, you will likely lose money from these stealth energy taxes. So will the average household earning between $35,000 and $55,000. So much for “not one dime.”