Californians Could Face ‘Double Taxation’ With State, Federal Carbon Taxes
"Last month, environmentalists cheered as California launched a
cap-and-trade program, but talks of a federal carbon tax raised concerns
about double taxation. The San Francisco Chronicle reports that while
the chances of a federal tax on carbon emissions being adopted are still
remote, California state officials are worried enough to have started
discussing the prospect.
'We are aware that it is a possibility, and we
have been considering it as of late,' said California Air Resources
Board spokesman Stanley Young. 'We want to make sure that California
companies continue to transition into the program without any sort of
disadvantage. We promote the possibility of the federal government
addressing climate change,' he said. 'And on our part, we’re prepared to
align our program in a way that allows California to move forward.'
"One potential solution would be for Congress to exempt California
companies that already participate in the state cap-and-trade program
from a carbon tax. California officials have also indicated they could
tweak their system to harmonize it with the possible federal tax." So
California's passed a carbon tax. The feds are thinking about it. If
the feds do, this leads to double taxation in California. State and
federal carbon taxes.
Now, California just voted to raise taxes on
itself with Proposition 30.
Some Californians, more than you would
expect, are gonna be paying a total of 53% in just income taxes, state
and federal. Then the carbon taxes on top of that. And then there is
the Obamacare tax on top of that. It's just the beginning. None of
these taxes have hit yet. They're all gonna hit next year, some of them
starting on January 1st. Some starting with the first paycheck of the
new year. And at that point, we'll have a better indication on what
people thought they were voting for.