A top Democrat Congresswoman has announced her plan to convert all American businesses and individuals away from low-cost energy production (natural gas, etc.) to high-cost “green” energy sources. The new government spending will require a tax rate of 70%, which means you (or your employer) will be taking home 30% of what they work for. Let’s look at the consequences of this plan.
Here is the report from Daily Signal:
Rep. Alexandria Ocasio-Cortez is ready to tax the rich to make her Green New Deal a reality.
“People are going to have to start paying their fair share in taxes,” the recently elected New York Democrat told TV show “60 Minutes” in an interview set to air Sunday.
Speaking of prior decades’ taxation rates in the country, Ocasio-Cortez added, “Once you get to the tippy tops, on your 10 millionth dollar, sometimes you see tax rates as high as 60 or 70 percent.”
What is this money for? To convert all existing energy production away from low-cost energy sources:
Among its goals are meeting “100 percent of national power” demand through renewable sources, retrofitting “every residential and industrial building for state-of-the-art energy efficiency, comfort, and safety,” and eliminating “greenhouse gas emissions from the manufacturing, agricultural, and other industries.”
Those changes are going to come with real costs. According to an editorial for Investor’s Business Daily, moving the economy away from fossil fuels to 100 percent renewable energy will come “at a cost of about $5.2 trillion over 20 years.”
You’ll be paying more for energy usage. And what’s more, your EMPLOYER will be paying more for energy usage, which means that a lot of people will be losing their jobs in order to make ends meet.
Even if we’re willing to shoulder the costs, it’s, well, impossible to achieve.
“Producing 100 percent of electricity from renewable sources is a practical impossibility in the near future,” stated a report issued by the Senate Republican Policy Committee in December.
Keep in mind that Ocasio-Cortez also wants to spend another $32 trillion over 10 years nationalizing the health care industry and turning it into an expensive single payer scheme. In Canada, single payer health care costs the average family about $11,000 in taxes, and they get inferior health care (long wait times, lower success rates for cancer / disease treatments, etc.). In 2018, the entire federal budget was $4 trillion. Adding $3.2 trillion (for single payer health care) and $0.52 trillion (for green energy total makeover) will DOUBLE the current budget, and give us $5 trillion dollar annual deficits. The entire national debt is currently $22 trillion, and we’d be adding $5 trillion per year to it. Interest payments on the debt would quickly take over the budget, blocking out all other spending.
I want to make three points about this.
First, even if we take every penny from “the tippy top” producers in America, we can’t afford a fraction of what all these big government programs will cost. In 2011, the Tax Foundation explained that even if you taxed ALL THE INCOME from all the people who make $200,000 or more, you would only raise $1.53 trillion dollars. We have to come up with $5 trillion annually to cover all this spending.
In any case, the rich are already paying “their fair share of taxes”:
Half the country doesn’t pay income tax at all, and that’s only going to increase because Democrats keep importing uneducated, unskilled immigrants.
Secondly, raising the tax rates does not guarantee that you will get more money from the people you are taxing. The same person who works 70-hour weeks in order to keep 70% of the $200,000 they earn will not work as hard if you only let them keep 30% of the $200,000 they earn. What will they do instead? Well, they can leave the country. They can hide their income by moving into the underground economy. They can downsize their business by laying off young, inexperienced workers. But most likely, they will just take a break, and reduce the amount of hours, so that they work normal hours in an easy job.
Democrats are the party of slavery, so they think that they can enslave people and those people will keep working. It’s not true. People are not slaves, and if you take most of what they earn, they they will stop working. I would personally quit my job and scale down to a regular job if someone raised my taxes over the 30% I pay right now.
Third, U.S. emissions already way down under Trump, because one of the first things he did was deregulate the energy industry, setting them free to innovate. Surprise! If the American people decides that pollution is a problem, then private sector businesses are going to have to solve that problem, since they can only profit by pleasing their customers. The American energy businesses were able to come up with innovative drilling techniques to extract natural gas, with virtually zero impact on the environment.
The Washington Times explains:
The Environmental Protection Agency announced Wednesday that U.S. greenhouse gas emissions dropped by 2.7 percent last year, the first year of the Trump presidency, even as the administration slashed environmental regulations and global emissions continued to climb.
The United States has cut carbon emissions more than any other country on the planet, despite not taking part in socialist climate accords:
The problem with Democrat like Ocasio-Cortez is that don’t see how allowing businesses to innovate can lead to solutions to problems like carbon emissions. And that’s because they don’t have any serious experience in the private sector solving problems for customers in exchange for their money.
I hope everyone understands that the truth about Ocasio-Cortez is very different from the image that she portrays. She likes to present herself as “Alex from the Bronx”. But the truth is that she grew up in Yorktown Heights, which is over 80% white, with an average household income of $116,741 a year. Her father was an architect and partner in an architecture firm. She attended the prestigious Boston University, which currently charges $70,000 a year for tuition. She interned with former Democrat Senator Ted Kennedy. And the reason she likes socialism is because she failed to get a job in the field she was educated in. She was working as a bartender until age 29. She spent a quarter million on her education, and didn’t use it. And that spectacular failure of a woman is now deciding how the earnings of people far more educated and successful than she is will be spent. I want nothing to do with her.