Sometimes dumb ideas come from Republicans as well as Democrats. I am about to illustrate that fact. Yesterday Representative Ted Deutch of Florida introduced H.R. 7173 into the House of Representatives. The bills description is, “To create a Carbon Dividend Trust Fund for the American people in order to encourage market-driven innovation of clean energy technologies and market efficiencies which will reduce harmful pollution and leave a healthier, more stable, and more prosperous nation for future generations.” Never trust the government to create a trust fund–remember the Social Security Trust Fund–it was robbed during the 1960’s (by the government that created it).
Let’s talk about this trust fund for a moment.
The bill states:
“A carbon dividend payment is one pro-rata share for each adult and half a pro-rata share for each child under 19 years old, with a limit of 2 children per household, of amounts available for the month in the Carbon Dividend Trust Fund.”
Do you really want the government commenting or being involved in any way with how many children you have in your family?
The Hill posted an article yesterday about the bill. The article included the following:
…the bill would charge companies when they produce or import fossil fuels like coal, oil and natural gas, based on their expected greenhouse gas emissions.
But instead of using the money to pay for health or community projects, the new bill would distribute it to the public. Its backers say those “dividends” would offset the increased costs from the carbon tax, like higher utility and gasoline bills, for about 70 percent of households.
Dividend funds would be handed out by the Treasury Department under the bill, based on the number of people in a household.
“It’s transparent and easily trackable. You know where the money is going. It protects the American family so that families are not adversely impacted. Dividends would protect most families from cost increases,” Ben Pendergrass, senior director of government affairs at Citizens’ Climate Lobby, told The Hill.
“The market signals should still be there to guide things like fuel efficient cars and dividends protect people who can’t make that transition immediately.”
The bill would also prohibit the federal government from regulating greenhouse gas emissions from the sectors that are taxed, unless the taxes aren’t effective after 10 years. That is an effort to attract support from Republicans, who are nearly united in opposition to Environmental Protection Agency climate regulations.
Rooney focused on the economic benefits of the bill, saying in a statement Wednesday that the revenue carbon neutral fee is good policy and a way “to support emerging alternate sources of energy.”
This bill is a really bad idea. It paves the way for more government intrusion into our private lives and takes more money from Americans. America has cut its greenhouse gas emissions without crippling our economy. We are quite capable of doing so in the future without stifling economic growth and creating even bigger bureaucracies.