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Grab Your Wallet November 25, 2007

Posted by awatcher in Uncategorized.
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The Grand Junction Sentinel is reporting that a former Democrat candidate for the legislature has submitted a proposed ballot issue to the legislative leadership council:

In ballot language submitted last week to the Colorado Legislative Council, Fort Collins resident and failed 2006 Democratic House candidate Sue Radford proposes charging energy companies an annual fee for every ton of carbon dioxide they produce. The fee, the ballot language states, would have to be passed along to consumers on their electrical bills…

“I am somebody who is deeply concerned about the way our climate is changing,” Radford said. “A carbon tax is the most fair and comprehensive and transparent and enforceable way of dealing with the problem.”

Under Radford’s ballot question, sponsored by the Colorado Clean Energy Tax Shift, all carbon-tax revenue would be refunded to taxpayers through reductions in sales, business personal property and payroll taxes. A portion of the revenue also would be rebated to taxpayers.

Clever leftist that Radford is, she thinks she has found a way to do a massive income transfer to her favored constituiency from those who own buildings and homes that must be heated and lit.

While her proposal is made to appear to send money back to us regular folks, not a cent will go to anyone until the first targeted tax recipient (EIC) is paid in full:

Earned income tax credit supplement fully funded at 20% of federal level.
Thirty percent (30%) of remaining funds used to reduce sales tax.
Twenty percent (20%) of remaining funds used to rebate business personal property tax.
Twenty percent (20%) of remaining funds used to rebate payroll taxes.
Thirty percent (30%) of remaining funds used for per capita rebate to residents.

Pretty clever, eh?   The ballot issue is far more scary than the Sentinel would lead one to believe.

It even has a tax ratcheting device that is more severe than any one might imagine:

The annual change in the fee from the previous year will be limited to twenty-five dollars ($25) per metric ton carbon dioxide or ten percent (10%) of the fee from the previous year, whichever amount is higher.

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