Obama Admin says it will spend all revenue raised from new carbon taxes
FOX News
President Obama and Budget Director Peter Orszag have thrown transparency out the window and created a black box for taxes and spending on climate change hidden inside the administration's 2011 budget.
The big news in last year’s budget release was the revelation that the Obama administration planned to use cap-and-trade to raise $646 billion dollars over ten years to finance its big spending programs. At the time I wrote here in the Fox Forum that estimate was a lowball of what actually constituted the biggest tax increase in U.S. history, something White House economist Jason Furman later admitted when he revealed the real revenue would likely be triple the official estimate. So the first thing I checked in this year’s budget was how much revenue was expected from the cap-and-trade energy tax, to which the president reiterated his commitment in his State of the Union address last week. The surprising answer is the budget actually has, literally, a blank line for the cap-and-trade tax. A black box. A slush fund. A secret budget-within-the-budget. Talk about a lack of transparency.
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