Buffett is 100% right on this. Obama certainly can’t say that 90% of tax payers get a reduction while simultaneously pushing for Cap and Trade.
As a general rule I think regressive taxes are bad. They disproportionately impact the poorest citizens. However, a case could be made that we have hidden taxes because the cost of pollution is not currently included in our energy costs.
It seems to me if we are going to put a regressive tax such as Cap and Trade on the American people they should get receive tax relief in return. I suggest a “fair trade” would be no income tax on those making less than $50,000 a year.
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