Corker: Obama Budget Proposal Includes “Major Sleight of Hand”

WASHINGTON, D.C. – U.S. Senator Bob Corker, a member of the Energy and Banking committees, noted the Obama administration budget proposal released today includes a major “sleight of hand” as it relates to revenues from the administration’s proposed cap-and-trade program.
 
“President Obama promised a middle class tax cut but what he didn’t tell us was that he would pay for it with a climate tax. His budget will generate $645 billion through a climate tax. I guess his claim on Tuesday night that no one earning under $250,000 would pay more in taxes did not apply to this massive climate tax increase all Americans will pay. This is a major sleight of hand,” said Corker.

(Corker is referring to footnote 3 of “Table S-2. Effect of Budget Proposals on Projected Deficits—Continued.” Page 116 in the attached budget proposal.)

Corker has worked to ensure that whatever Congress implements, be it a cap-and-trade system that acts as a tax or a transparent carbon tax, that 100 percent of the tax revenue is returned to the American people and is not used to increase the size of government.

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