Word: taxing
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Dates: during 2000-2009
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...Administration's proposed scheme, companies that produce carbon over the cap would buy credit from facilities that have modernized. The additional costs to businesses of the program, however, are more than likely to be passed on to the consumer, amounting to what some argue would effectively be a new tax on ordinary Americans. "That is a massive new tax. It's a tax on energy, and it will flow directly through to the consumer in the form of a national sales tax on their electric bill," Senator Judd Gregg, a New Hampshire Republican, said in questioning White House Office...
...result, Republicans want to see all revenue brought in from the cap-and-trade system returned to consumers, potentially as tax rebates. Obama, by contrast, would keep 20% to invest in his green-jobs program. Republicans have also said they would not support a bill that does not include money to expand the nuclear industry - something opposed by many Democrats and environmentalists. There is also disagreement over the involvement of other countries in any potential market and how best to help developing nations build up clean technologies...
Senate Banking Committee chairman Chris Dodd suggested one of the more severe solutions: that the government tax 100% of the bonuses, thereby recouping the losses. It may have been overcompensation, so to speak, on Dodd's part. The National Republican Senatorial Committee was quick to point out that Dodd had amended the stimulus plan to make a specific "exception for contractually obligated bonuses agreed on before Feb. 11, 2009." That exception gives cover to the AIG bonuses - though it should be noted, as Dodd's aides do, that the Senator did not know about the AIG bonuses at the time...
...principles" on how his committee should proceed, and all indications are that he will take the lead on crafting legislation. Reid announced that Baucus "will propose legislation - this will be in the next 24 hours - to give this money back to the taxpayers by subjecting the bonuses to severe tax penalties, more than...
...event, any tax-the-bonuses bill is likely to meet powerful opposition. House Ways and Means Committee chairman Charlie Rangel, Congress's top tax writer, told reporters that taxing the bonuses "is a venting type of thing. I would hope and assume we have alternatives to the tax codes ... When you get angry, you don't think as clearly as when you calm down." He added, "It is tough to me to think of the tax code as a political weapon." Rangel would be a huge obstacle to any such bill, no matter who originates it. Others say this type...