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Corker Calls Out Obama On Climate Tax

By Kleinheider Posted on February 26, 2009 at 6:05 pm

The junior senator says the President’s budget is a bit of a ruse:

U.S. Senator Bob Corker, a member of the Energy and Banking committees, noted the Obama administration budget proposal released today includes a major “sleight of hand” as it relates to revenues from the administration’s proposed cap-and-trade program.

“President Obama promised a middle class tax cut but what he didn’t tell us was that he would pay for it with a climate tax. His budget will generate $645 billion through a climate tax. I guess his claim on Tuesday night that no one earning under $250,000 would pay more in taxes did not apply to this massive climate tax increase all Americans will pay. This is a major sleight of hand,” said Corker.

(Corker is referring to footnote 3 of “Table S-2. Effect of Budget Proposals on Projected Deficits—Continued.” Page 116 in the attached budget proposal.)

Corker has worked to ensure that whatever Congress implements, be it a cap-and-trade system that acts as a tax or a transparent carbon tax, that 100 percent of the tax revenue is returned to the American people and is not used to increase the size of government.

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4 Responses to “Corker Calls Out Obama On Climate Tax”

  1. James Handley writes
    February 26th, 2009 7:37 pm

    Senator Corker isn’t the only one noticing that cap-and-trade is a hidden tax and spending measure. Yesterday, climate scientist Dr. James Hansen critiqued cap-and-trade, advocating a gradually increaing carbon tax, returning all revenue to households. See, “Hansen Tells Ways & Means: Revenue-Neutral Carbon Tax Needed to Spur Clean Technology Revolution” at http://www.carbontax.org.

  2. spaz writes
    February 27th, 2009 11:10 am

    Bob Corker voted against 70,000 new jobs in Tennessee and a middle-class tax cut when he voted against the stimulus.

    That’s the fact and voters will continue to be reminded of it.

  3. Andrew Gross writes
    March 1st, 2009 9:32 pm

    Corker’s affinity for the obvious re: GM will be in better shape if Chrysler goes BK, is laughable. Just another pol with a non-domestic plant in his backyard.

  4. Andrew Gross writes
    March 1st, 2009 9:33 pm

    Now as to the matter of what’s needed now to unclog inventories of existing new vehicles on-ground at Ford dealerships (other than the new F-150 at the time of this writing - 3.1.09) and at factory lots in the US set to put people back to work at US company owned factories here and elsewher ASAP, I propose:

    A PROPOSITION TO SAVE OUR AUTO INDUSTRY:

    1. Offer direct federal access to funds to franchised new vehicle dealers for the purpose of accelerating loans for qualified consumers and fleet operators.

    Franchised new vehicle dealerships sales actualization requirements must also be taken into account in this matter as they are an integral part of the new vehicle sales “food chain.”

    If traditional funding sources don’t want to, or find they simply can’t sufficiently underwrite this business, let’s seek out and provide motivated lenders who would then be provided access to special funds set aside by the Fed under special circumstances or rules established for this purpose.

    2. Accelerate Special Offers for Fleet Operators to cycle their vehicles

    This would include all private as well as public fleets not as yet contemplated by the present plan (i.e., non- Federal Fleet vehicles), to ensure fleets replace their vehicles as they would normally cycle them.

    These offers should seek to balance alleviating inventories of existing new vehicles on-ground at dealerships and factory lots in the US, while phasing in offers for more fuel efficient vehicles as the existing inventories of new vehicles are more rationalized.

    The offers could include everything from accelerated depreciation, cash incentives to guaranteed residual values.

    3. Auto Manufacturer and Parts Supplier Shareholders’ Guaranteed Value Plan
    This proposal would reward long term stockholders of companies who pass similar, so-called stress tests now planned for the banking sector. For this purpose, “long term stockholders” could be defined as those who retain the stock for an agreed-to period of time.

    The plan would contemplate developing a formula which would guarantee a certain “floor price” for qualified stock.

    The benefits of such a plan would include taking a great deal of uncertainty out of the value of companies who remain in this space by virtue of a larger group of shareholders who, in effect, have been encouraged through this guarantee to hold onto their stock. These companies, in turn, would benefit from access to funds from the stock purchases as well as other financial benefits associated with increased stability.

    4. National US Auto Industry “Super Sale”

    Designate a short, specific time period where consumers would benefit from the acquisition of a new vehicle through any number of offerings (i.e., large cash incentives, pre-paid maintenance, extended warranties, accelerated tax incentives beyond those passed in the stimulus bill, etc.) all set to, again, unclog existing inventories and get people back to work.

    Regards,
    Andrew Gross
    Chairman & CEO
    Automotive Consulting Services
    (An Oregon Corporation)

    autoconsult.us
    503-701-6003
    andy@autoconsult.us

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