Here we go, folks. Cap and Tax bill is on its way to the Senate for debate - and before we even get a consensus among Senators on healthcare reform. Can you say more overload? More distraction? More rush?
For many months Senators Barbara Boxer (D-Calif.) and John Kerry (D-Mass.) have worked on climate control legislation, commonly known as the "Cap and Tax" bill. But they've already begun a new spin by renaming it. It will no longer be called "cap and trade". Instead they are touting it as "polution reduction" legislation. Senator Kerry said, "I don't know what 'cap and trade' means." He continued, "This is not a cap-and-trade bill, it's a pollution reduction bill." Oh? If he doesn't know what cap and trade is, how can he know that it's not?
This bill will basically be a "spin-off" of the House version H.R. 2454 - at least at first. Exactly which parts will be initially carried over into the Senate version will be a mystery until revealed later this week, possibly Wednesday. There is already one proposed bill by Senator Jeff Bingaman (D-NM) S. 1462 and the consensus is that these two senate bills will somehow be melded together and then at least five Senate committees will put their marks (and earmarks) on it. One thing that is suspected is that the Senate version will see a more aggressive limit on emissions than the House bill had. That could mean higher taxes would be imposed on producers of goods and energy.
This "Cap and Tax" legislation will place limits on the amount of carbon emissions that manufacturing and energy-producing companies can emit. These businesses are then given credits based upon the amount of taxes they are willing pay to be allowed to continue to produce their products and energy. If they agree to paying higher taxes, they are allowed to raise those minimum limits. How that affects you and me is that those tax costs will be included in the cost of producing goods and energy and passed on in the form of increase costs to us as consumers. Obama has said, and it has been noted in this blog, see Cap and Trade Means Less Money in Your Pocket, that this would necessarily raise costs for you, the consumer. So, everything you buy, every time turn on the lights, basically the cost of every consumable product you use will be increased significantly.
People need to begin reviewing and paying attention to the wordsmithing of Obama. He promised "not one dime in new taxes" for the taxpayer. But what he didn't say is that he planned to tax and tax and tax businesses who in turn will have to pass that increase on to the consumer, which is the taxpayer. So, he didn't necessarily lie to the public straight out, but he certainly has been and is still being deceptive in the impact of his proposals on the taxpayers.
Let this article make you aware that this is yet another increase in your cost of living - and a significant cost that will be nearly equal to the cost of the mandatory health insurance that you will be required to pay for. If you're barely getting by now, and fortunate enough to still have your job, between these two bills, you could be facing a huge reduction in your expendable income (your bring home pay). Do you have month left at the end of your money now? Just wait until Congress is through with these two bills. Just wait ...