CONGRESSMAN LARSON INTRODUCES CARBON TAX LEGISLATION
Washington, DC -- Congressman John B. Larson (CT-01), Chairman of the House Democratic Caucus, introduced legislation today that would tackle our climate change crisis while protecting hard working Americans from rising energy costs. The carbon tax legislation will put a tax on the producer of carbon emissions and pass the revenue on to working Americans as a payroll tax rebate."
I believe that the best way to address climate change is the way that is simplest and most transparent," said Larson. "Unlike a cap and trade system, my carbon tax would create no complex new bureaucracies or complicated auction schemes. Rescuing our environment should not be an excuse to create a new market for investors to exploit. We've seen the impact of rampant speculation and out of control derivative trading on our energy market, our housing market, and our stock market. Our planet is too precious to put in the hands of Wall Street executives looking to make a profit."
Instead of creating a market that would be a boon for Wall Street, Larson's legislation would create a tax cut that would be a boon for working Americans. A recent study found that the auction a cap and trade system would create would lead to the world's largest derivative market. Warren Buffet wrote in his letter to shareholders this week that derivatives are dangerous and impossible to regulate. In fact, some companies are already trading carbon credit derivatives in anticipation of a cap and trade system.
Larson said, "if we haven't been able to properly regulate derivatives so far, what makes us think we would be able to regulate carbon credit derivatives? We are suffering the effects of one speculative bubble bursting now. The American people simply do not want another system they might have to bailout."
Full story: http://www.foxnews.com/urgent_queue/index.html#2aa6233,2009-03-05
