Tuesday, October 02, 2007

Dingell Floating Carbon Dioxide Legislation

House Energy and Commerce Committee Chairman John Dingell (D-MI) is proposing a $50 per ton tax carbon dioxide tax on petroleum and its products, coal, natural gas and other emitting products. He is also proposing a 50-cent per gallon tax on gasoline, jet fuel and kerosene. Dingell also wants to end the mortgage interest tax deduction for house over 3,000 square feet.

The money would increase the earned income tax credit to help low-income people to help offset higher energy prices. Yeah right. Where have we heard that before. And that's what poor people are looking for: a tax credit. Other revenues would go to the federal highway trust fund, with 40 percent going to mass transit and 60 percent to roads. The jet fuel fees would go into the federal airport and airway trust fund.

The Center opposes this plan because it would hurt poor people and the general economy. The Center has a policy of promoting that will create abundant energy supplies at reasonable prices. (Comment on the plan)

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