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Rumor Mill News Reading Room, Current Archive

California Cap and Trade is Looking More and More Like a Tax

Posted By: RumorMail
Date: Friday, 22-Nov-2019 20:10:21
www.rumormill.news/93450

Just another 'slush fund' set up by and for criminal politicians..

.......
February 10, 2018 By Susan Shelley

The veneer that keeps everybody from seeing that the cap-and-trade program is really just a tax is coming unglued.

Last weekend, Mayor Eric Garcetti blasted out an email newsletter happily announcing that the Jordan Downs public housing development in Watts will be refurbished with money from the hidden tax you’re paying for gasoline and electricity.
Photo courtesy of Eric Garcetti, Flickr.

Photo courtesy of Eric Garcetti, Flickr.

Watts will receive a $35 million grant of cap-and-trade funds, which Garcetti said will help make “dreams come true” with “improved quality of life, a renewed focus on public health, and better access to affordable housing.”

The city said the work on Jordan Downs will include rebuilding “distressed” units, creating recreational programs, and opening “about 165,000 square feet for retail.”

The funds will also pay for solar panels, a food waste prevention program, and 10 electric buses.

The cap-and-trade money comes from the state’s Greenhouse Gas Reduction Fund, which takes in revenue from the sale of allowances to emit greenhouse gases. The allowances, sold at state auctions, are purchased by companies that generate electricity, refine petroleum, make cement and process food. The prices of those things in California now include the cost of buying these permits to emit greenhouse gases.

Other states don’t do this, but in 2006, to save the planet from global warming, California passed a law to require a reduction in greenhouse gas emissions. Under the mandate now set in current law, greenhouse gas emissions statewide must be 40 percent below 1990 levels by 2030.

To achieve this goal, the California Air Resources Board developed the cap-and-trade program. It puts a statewide limit on GHG emissions, and businesses that are under the law are required to have a permit for each ton of GHG emitted. Every year fewer permits are issued, and the minimum price is a little higher.

The money that’s paid to the state for these permits looks a lot like a tax. But a state appeals court ruled that it’s not a tax, because it’s not compulsory. Any business that doesn’t want to pay it, the court reasoned, could simply go out of business.

Now you know why other states don’t do this.


Read More



RMN is an RA production.

Articles In This Thread

California Cap and Trade is Looking More and More Like a Tax
RumorMail -- Friday, 22-Nov-2019 20:10:21
Too Much Regulation Crushing California Business
RumorMail -- Friday, 22-Nov-2019 20:10:21
California Universal Basic Income: A Progressive Experiment That’s Doomed to Fail
RumorMail -- Friday, 22-Nov-2019 20:10:21

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AN EXPLANATION OF THE FACTIONS