Will Support for Cap-and-Trade Energy Tax Melt Away?

People aren’t willing to pay much to reduce the emission of greenhouse gases to fight global warming, according to a Washington Post-ABC News Poll. 52 percent said they would support a law that “significantly lowered greenhouse gas emissions” — but only if it cost them less than $10 a month. Only 39 percent said they would support such a law if it cost them $25 a month — which is vastly less than it would actually cost. In the name of cutting greenhouse gases, the House passed a cap-and-trade carbon tax scheme backed by the Obama Administration in June. But the bill won’t significantly lower greenhouse gas emissions even in the U.S. One reason is that the bill was larded up with corporate welfare. 85 percent of its carbon allowances were given away to special interests free of charge, thanks to lobbying that turned the bill into an orgy of corporate welfare. The bill also contains environmentally-harmful provisions, such as massive ethanol subsidies, which will result in “damage to water supplies, soil health and air quality.” Ethanol subsidies have resulted in forests being destroyed in the Third World, and caused famines that have killed countless people in places like Haiti. Worse, the cap-and-trade tax will cost much, much more than $25 a month — with politically connected businesses like GE profiting at the expense of the taxpayer, as the Washington Examiner’s Tim Carney has chronicled in story after story. Carney calls the bill a “hidden bailout” for GE and other well-connected businesses...OpenMarket