California Proving What We All Suspected: AGW Laws Are Nothing More Than Vehicles For The Government To Soak Up More Of Your Money
Behold, the AGW Slush Fund in action:
California to Use Revenue from Carbon Auctions to Reduce Huge Fund Deficit
By Gary Hunt – OilPrice.com
And you thought the California Global Warming Solutions Act (AB32) was all about limiting greenhouse gas emissions, didn’t you? Think again.
There is a brewing fight in Sacramento over how to spend the gold expected to start pouring in when the Golden State starts its carbon cap and trade program. The original intent of AB32 was to use the proceeds from the carbon permit auctions to invest in technologies and programs that reduce greenhouse gas emissions. Makes sense, right?
But the law was passed in the boom times of 2006. Today six years later as the first carbon cap auction is being readied for later this year, California has a $16 billion general fund deficit and more than a few pet projects are going begging for money.
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The only way California is going to dig itself out of this fiscal hole is by winning the lottery.
[…]
California’s mega-millions winning ticket is Governor Brown’s 2012-2013 State Budget proposal to take 80% of the carbon tax revenue or about $500 million per year to reduce the budget deficit for the coming two years. The quarterly carbon credit auctions are expected to produce $660 million to $3 billion per year. The Governor’s budget assumes California will net $1 billion from such auctions to start. The $500 million of revenue take assumed in the first year proposed budget will be used to offset existing General Fund costs for current emissions regulation activities, and the remaining revenues will be used on new programs to reduce emissions.
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Doctor Bulldog & Ronin 
18 June, 2012 at 12:07 pm
IMHO excessive taxation is really confiscation of the fruits of our labor ( those of us who work that is), Many of us who live in high tax states already turn over more then 50% of what we earn, if you add up every local, county, state and federal tax, fee, toll, or levy. It’s all about control. What better way to control us then to tax us into submission. I realize that government needs funds to function, however, may I ask how much is enough? In my home state of NJ the Highway Trust Fund from the Gasoline tax is broke, the money was transferred to the ever hungry ‘general fund’. The pension funds were raided or given a ‘holiday’, money not deposited cannot grow. When I get calls asking for donations for political candidates I say no not until I see real thrift and austerity. If we ran our household budgets as many of these bozos in all levels of government do we would be out in the street in short order.
18 June, 2012 at 4:31 pm
California assumes that the industries that are required to buy these carbon credits, will continue to do business there. Nothing stops them from leaving to another low tax state or even country. News flash to the politicos, you have to compete for business just like the rest of us, no matter how socialist you try to get.
19 June, 2012 at 1:29 pm
Conservatives in Ca are far more environmentally conscious than the special interest victim groups that progs have had to pander to in order to gain power in the state. Progs didn’t care, after all, its dirty conservatives who were the problem. It’s a lot like planting a bomb in you own back seat and then driving around with it. This is the primary reason why progs must mandate behavior, criminalize non conformity, legislate your eats and drinks. Progs understand that these SIVG’s are inclined to do what they want once they get beyond their special interest. Prog culture has also meaned up the population, really you should hear what the formerly political policy disconnected are saying, I find myself saying to them, easy tiger.
19 June, 2012 at 1:34 pm
I didn’t put a b on the end, dang it!
19 June, 2012 at 1:41 pm
Fixed it for ya’.
Cheers
19 June, 2012 at 2:05 pm
Thanks.
Conservatives will be around after these SIVG’s get pissed off and **** these progs up. Not only are conservatives more environmentally conscious we are much more civilized too. Of course being the cunningly devious sobs that we are that may have been the plan all along.