According to Professor Frank, stopping global warming may require carbon taxes of about $300 per ton of carbon dioxide emitted, and by implementing such taxes, we can also balance the federal budget. “If such a tax were phased in,” Frank says, “the prices of goods would rise gradually in proportion to the amount of carbon dioxide their production or use entailed. The price of gasoline, for example, would slowly rise by somewhat less than $3 per gallon. Motorists in many countries already pay that much more than Americans do, and they seem to have adapted by driving substantially more efficient vehicles. . . . many budget experts agree that federal budgets simply can’t be balanced with spending cuts alone. We’ll also need substantial additional revenue, most of which could be generated by a carbon tax.” …..But that’s not all. Because the green tax targets carbon, rather than income, it would act as a dirigiste economic policy favoring businesses that make money trading in paper instruments over those that produce real value through industry, agriculture, transport, mining, and construction. This would impoverish society overall, once again hurting the vulnerable the most, and would destroy tens of millions of blue-collar jobs.
The green tax plan is a declaration of war on the poor.
After all, he won’t want to risk killing the golden ‘public climate cash’ goose.