The Assembly today passed the controversial Cap and Trade bill, Assembly Bill 1532, by Assembly Speaker John Perez, D-Los Angeles, which would deposit Cap and Trade carbon credit permit monies into a new Greenhouse Gas Reduction Account, to be managed by the California Air Resources Board.
What a great idea. California is already precariously perched on the edge of a financial cliff – this could be the push that sends the state right over.
AB 1532 would direct the billions of dollars expected to be generated from cap-and-trade auctions in 2012-13, into the new fund. Revenues are expected to exponentially grow in the future, but only if there are any private sector businesses left in the state from which to extort these funds.
“The ARB estimates annual revenue from the auction of
greenhouse gas emission allowances to range from $2 billion to $5 billion in 2013, with that amount increasing to between $17
billion and $67 billion in later years,” the bill analysis states.
The bill would allow the Legislature to direct the appropriation of the funds, with CARB taking charge of the money management.
I think certain legislators see a new checkbook from which to spend.
No one will be spared from this new carbon tax. As Chicken Little once said, “the sky is falling!”
(Katy Grimes is a longtime political analyst, writer and journalist, and CalWatchdog’s news reporter. Originally posted on CalWatchdog.)