Congressional Budget Office Super Enthused To Push $1 Trillion Carbon Tax

It was just one idea thrown out by the CBO to plug the deficit gap, but, it is easy to see that this is all political and nothing to do with the environment

CBO SUGGESTS $1 TRILLION CARBON TAX AS FRANCE REELS FROM ANTI-CARBON TAX RIOTS

It’s been just nine days since the French government abandoned plans to increase the carbon tax on fuel, and the congressional budgeting arm is suggesting a $1 trillion tax on carbon dioxide emissions to close the budget deficit.

“This option would impose a tax of $25 per metric ton on most emissions of greenhouse gases in the United States,” reads a Congressional Budget Office (CBO) report released Thursday. “The tax would increase at an annual inflation-adjusted rate of 2 percent.”

The CBO suggested a carbon tax as one of “121 options that would decrease federal spending or increase federal revenues over the next 10 years.” The CBO published several reports looking at the budgetary impacts of a carbon tax.

However, the CBO’s carbon tax suggestion comes after French President Emmanuel Macron and lawmakers were forced to scrap plans to raise fuel taxes after weeks of violent protests. Those protests also spread to Brussels, where protesters clashed with police over fuel tax rises. (snip)

“Many estimates suggest that the effect of climate change on the nation’s economic output, and hence on federal tax revenues, will probably be small over the next 30 years and larger, but still modest, in the following few decades,” the CBO reported.

“Uncertainty about the effects of climate change — and the potential for unlimited emissions to cause significant damage — grow substantially in the more distant future,” the CBO contended.

And that is the CBO becoming political and showing their membership in the Cult of Climastrology in pushing this tax. Recommending raising taxes which will do harm to the middle and lower classes is a Bad Idea.