How the Trump Republican Tax Cuts Are Helping New Jersey

Posted by John Kartch on Wednesday, July 1st, 2020, 6:00 AM PERMALINK Follow @JohnKartch

New York is benefiting greatly from the Tax Cuts and Jobs Act enacted by congressional Republicans and President Trump:

New Jersey Families See Increased Tax Simplification and Tax Reduction. Americans at every income level have seen significant tax reduction. 90 percent of families and individuals are seeing increased take-home pay across the country. There are numerous reforms in the bill that benefit taxpayers in New Jersey and across the country:

The Tax Cuts and Jobs Act doubled the child tax credit from $1,000 to $2,000 per child. 563,170 New Jersey families took the Child Tax Credit in 2015.
The Tax Cuts and Jobs Act doubled the standard deduction for an individual from $6,000 to $12,000 and for a family from $12,000 to $24,000. 2,574,770 New Jersey families and individuals took the standard deduction in 2015.
The Tax Cuts and Jobs Act raised the threshold of the Alternative Minimum Tax so fewer taxpayers are forced to comply with the provision. 279,740 New Jersey families paid the Alternative Minimum Tax in 2015.

New Jersey Middle Class Families See Increased Take-Home Pay. In 2018, New Jersey taxpayers will see average tax reduction of $1,490 and around 6 in 10 New Jersey taxpayers see an average federal tax cut of $2,740.

90 percent of New Jersey taxpayers with annual income of between $48,300 and $77,300 will see an average federal tax cut of $930 in 2018.
84 percent of New Jersey taxpayers with annual income between $77,300 and $135,800 will see an average federal tax cut of $1,390 in 2018.
80 percent of New Jersey taxpayers with annual income between $135,800 and $314,500 will see an average federal tax cut of $3,070 in 2018.

New Jersey Families See Relief From the Individual Mandate Tax Penalty. Obamacare imposed a tax penalty of $695 for an individual and $2,085 for a family of four for failing to buy “qualifying” health insurance as defined by the federal government. The Tax Cuts and Jobs Act repeals this unfair tax.

The individual mandate tax penalty is one of the most regressive taxes in the code as it disproportionately impacts low and middle-income families:

188,570 New Jersey individuals and families paid a total of $93,342,000 in individual mandate tax penalties in 2015.
37.56 percent of New Jersey taxpayers (70,830 households) that paid the individual mandate made less than $25,000 in annual income.
77.91 percent of New Jersey taxpayers (146,910 households) that paid the individual mandate made less than $50,000 in annual income.

Tax Reform Benefits Businesses and Workers in New Jersey. The Tax Cuts and Jobs Act reduced the federal corporate tax rate to 21 percent and established a 20 percent small business deduction. Businesses across the state have responded by announcing pay raises, bonuses, 401(k) match increases, and expansions. For example:

Tingley Rubber Corporation – based in Piscataway, New Jersey - announced one-time bonuses of $1,000 because of the recent tax reform passed by Congress.
Quest Diagnostics Incorporated – based in Secaucus, New Jersey – has announced bonuses of up to $500 for 40,000 employees.
Amicus Therapeutics – based in Cranbury, New Jersey – will build a $200 million facility in the U.S. instead of Europe because of tax reform. The factory will produce a new drug designed to treat Pompe, a rare, fatal disease. The facility will employ at least 200 people with an average salary of $100,000.
Lowe’s – (5,000 employees at 39 stores and two distribution centers in New Jersey). Employees will receive bonuses of up to $1,000 based on length of service, expanded benefits and maternity/parental leave, and $5,000 of adoption assistance.
Amboy Bank – based in Old Bridge, New Jersey – is increasing its employee base wage to $15 per hour and giving $1,000 bonuses for non-executive employees.

New Jersey companies of all sizes give powerful testimonials to the power of tax reform:

Metallix (Shrewsbury, New Jersey) - Employee bonuses, investing in business growth:

First order of business? Giving each of Metallix’s 98 workers a $1,000 bonus, an unexpected surprise that came just days after tax reform took effect.

“From the outset, the company wanted to share the benefits of tax reform with our employees,” said Maria Piastre, president of Metallix. “On February 14, every employee received a net $1,000 after-tax bonus in response to tax reform. Coming so soon after our usual end-of-year bonuses, it was completely unexpected by Metallix employees, and we were all very happy to receive it.”

Metallix wasn’t shy about tying these bonuses directly to tax reform. Each employee also received a letter from Metallix owner Eric Leiner, who explained that tax reform was going to mean a big boost to the company—and that he wanted to make sure employees were receiving their share of the good fortune. Metallix employees clearly took this sentiment to heart.

Piastre said that, months after the bonuses were given out, many employees still had Leiner’s letter hung proudly at their desks.

Piastre also explained that Metallix was using some of the benefits of tax reform to grow their business—and that significant investments were now more feasible because the company’s taxes had been so substantially lowered. - August 2, 2018, National Association of Manufacturers article excerpt

Atlantic City Electric (Atlantic City, New Jersey) - The utility will pass along tax cut savings to customers:

Atlantic City Electric will provide $23 million in annual tax savings to its customers. The company made a filing this month with the New Jersey Board of Public Utilities, which was approved on March 26, 2018. Customers will begin to see reductions on their bills around April 1, 2018. - April 3, 2018, Exelon Utilities press release excerpt

Honeywell (Morris Plains, New Jersey) – increased 401(k) match:

“I am confident in Honeywell’s future, and our ability to continue to deliver for our shareowners and our employees. Our strong performance in 2017, together with the enactment of new U.S. tax legislation, has enabled us to increase our 401(k) match in the U.S. This is a sustained, annual benefit that will provide a more secure retirement for our employees. We believe that enhancing this benefit is extremely valuable and important to our employees over the long term,” Adamczyk concluded.—Jan. 26 2018, Honeywell press release

Flemington Car & Truck Family of Brands (Flemington, New Jersey) -- $500 employee bonuses:

The new tax reform law is giving some benefits to New Jerseyans. The Flemington Car and Truck Country Family of Brands, a new and used car dealership in Flemington, is awarding each of its full-time employees a $500 bonus because of the recently passed federal Tax Cuts and Jobs Act.

As a result of the corporate tax rate cut under the new law to 21 percent from 35 percent, the company will also look to upgrade its facility and hire additional workers. The dealership is 41 years old and has 17 brands in eight different locations.

“We believe this is the right thing to do,” said company chairman Steve Kalafer, in a written statement. “Reinvesting tax savings in our employees and our businesses will make our communities and America stronger. We call on all of the auto manufacturers we work with to help drive economic growth by giving back to the communities where they employ and invest with appropriate employee bonuses and by creating new jobs with their new capacity for additional capital expenditures.” – Jan. 8, 2018 NJ Biz article excerpt

Quest Diagnostics Incorporated (Secaucus, New Jersey) -- Bonuses of up to $500 for 40,000 employees:

Tax Reform Benefit

In 2018 the company expects to realize approximately $180 million in tax savings on an adjusted basis. Of this amount, the company plans to reinvest roughly $75 million before tax back into the business and its employees, resulting in a benefit of approximately $120 million to net earnings. Investment initiatives include:

-Advanced diagnostics innovation through new tests and high-touch concierge services;

-Investments to deliver a consistently excellent consumer experience both online through the MyQuest mobile patient application and patient service centers; and

-A bonus of up to $500 for nearly 40,000 employees to be paid based on the company's performance in 2018. -- Feb. 1 2018, Quest Diagnostics Incorporated press release

New Jersey American Water (Swedesboro, New Jersey) – The utility will pass along tax cut savings to customers:

New Jersey American Water customers also recently had a rate decrease as a result of the Tax Cuts and Jobs Act. On April 1, 2018, most customer water rates were reduced by 5.9 percent (and 2.3 percent for former Shorelands Water Company customers). The water bill for the average residential customer using 6,000 gallons a month decreased approximately $3.36 per month ($1.00 per month for former Shorelands customers), and the average residential wastewater bill decreased between $1.49 and $5.81 per month, depending on service area.

The BPU is continuing their review of the overall impact of the new tax act, and further rate adjustments are anticipated in the coming months. – May 11, 2018, BusinessWire article excerpt

Merck (Kenilworth, New Jersey) -- Bonuses (details to be announced); increased charitable donations; increased capital expenditures:

“The recently enacted U.S. tax legislation improves Merck’s financial flexibility to invest in sustainable long-term value creating opportunities. In addition to the company’s ongoing investment in R&D, business development and continued support of the dividend, as well as share repurchases, the company also:

Plans to invest approximately $12 billion over 5 years in capital projects including approximately $8 billion in the United States
Made a contribution to the Merck Foundation in the fourth quarter of 2017
Plans to provide a one-time, long-term incentive award for its eligible non-executive employees in the second quarter of 2018” – Feb. 2 2018, Merck press release

Tingley Rubber Company (Piscataway, New Jersey) -- $1,000 bonuses:

New Jersey based Tingley Rubber Corporation will be issuing all U.S. based employees one-time bonuses of $1,000 because of the recent tax reform passed by Congress.

Tingley’s ownership announced Thursday its plans to share some of the tax benefit directly with their employees to express the company's gratitude. The 122-year-old, fifth generation family owned business joins many businesses across the country in giving employee bonuses after Congress passed a sweeping tax cut for businesses and individuals.

President Donald Trump signed a bill on December 22^nd overhauling the nation's tax code. One of the biggest changes included in the bill cuts the corporate tax rate from 35 percent to 21 percent for qualifying corporations. The bill also restructures and lowers the seven personal income tax brackets.

Based in Piscataway, NJ the privately held Tingley Rubber Corporation announced the bonuses during an employee luncheon held on March 22^nd. The $1,000 bonuses will also be eligible for the company’s 401(k) plan deferral with the standard corporate match.

"The economic development that should come as a direct result of the new tax reform legislation and deregulations will positively affect Tingley’s ability to grow its business. The tax reform package will allow Tingley to invest more into our strategic initiatives, and better serve our customers, as well as our employees and shareholders," said Owner and Chairman of the Board, Bruce McCollum. Bruce’s son and owner JB McCollum said "We are excited for the opportunity to reward our dedicated and hard-working employees with this special bonus as a token of our gratitude."

President & COO, Mike Zedalis, expressed his gratitude to the McCollum family and sees the new tax plan as a major boost to Tingley: “Our company continues to grow, and enhanced investment into our operations will always bring benefits to our customers, employees and shareholders.”

Tingley Rubber Corporation is a leading supplier of protective footwear and clothing and has been protecting generations of workers since 1896. -- March 26, 2018 Tingley Rubber Corporation press release

Public Service Enterprise Group (Newark, New Jersey) – the utility will pass along tax reform savings to customers:

Public Service Electric and Gas Co. (PSE&G) today proposed to lower customer bills by approximately 2 percent on April 1 to pass on the benefits of the federal tax reform legislation enacted earlier this year.

In its filing with the NJ Board of Public Utilities, PSE&G will reduce rates by approximately $114 million on an annual basis effective April 1 to reflect lower federal taxes the utility will pay. The typical residential combined electric and gas customer will save nearly $41 per year. – March 2, 2018, PSE&G Press Release

Carneys Point Township (Carneys Point, New Jersey) -- The township is building a warehouse in an Opportunity Zone created by the Tax Cuts and Jobs Act:

A 1.284 million square foot warehouse complex is coming to Carneys Point Township. The deal, signed at the end of March, will be one of the many projects on tap for the Salem County town. Although the tenant utilizing the warehouse has not been finalized, the warehouse is expected to create as many as 500 jobs.

The rural town of 7,100 is located in the state's least populated county, which struggles with high unemployment figures (6.3% in February compared to the state's average of 4.7%) and low household income of about $52,800 on average.

The warehouse will be close to the McLane Distribution Center, a Wawa fulfillment center located on the westbound side of Route 40 that has already expanded multiple times. Plans include installing a traffic light at Courses Landing Road at Route 40, an intersection that's been a problem area for years, according to Carneys Point Township Mayor Ken Brown

"What really makes me happy is everybody in our government in our township worked together on this project," said Brown. "From our codes people to our committee people, to our office personnel, to

our attorneys, and everybody else with one focus: To get this job done and bring jobs to our town."

New Jersey-based Arbok Partners and Panattoni Development Company will build the warehouse. Both companies and the partnership specialize in industrial development.

Bo Farkas, who oversees all acquisition and development opportunities for Arbok Partners, said searching for potential areas for development is like trying to find "diamonds in the rough." Carneys Point fit the bill for the warehouse project. The area is minutes from the New Jersey Turnpike, close to the last exit before heading over the Delaware Memorial Bridge.

"One of the things that New Jersey has a shortage of are big box distribution buildings, especially those in the one million square feet size range. That was the main impetus for seeking out larger sites like the one in Carneys Point."

Carneys Point is one of two Salem County municipalities designated as an opportunity zone, an initiative the state says tries to bring more development and economic opportunities to urban and rural areas. -- April 7, 2019 South Jersey Times article

Amicus Therapeutics (Cranbury, New Jersey) – In order to find a cure for a rare disease, the company is building a $200 million facility in the United States instead of overseas. The facility will employ at least 200 people who will earn an average of over $100,000 per year:

Specialty drugmaker Amicus Therapeutics, Inc. has decided to spend as much as $200 million on a new production facility in the U.S. instead of Europe.

At Amicus Therapeutics, the new tax law solved a geographic dilemma. The Cranbury, N.J., company is developing an experimental drug to treat Pompe disease, a rare inherited disorder that causes muscle weakness and can be fatal.

After early results for a new drug proved promising, Amicus wanted to increase production for further clinical testing and potential commercial sales.

Amicus, which has been using Chinese contract manufacturer WuXi Biologics to supply the drug, decided in August to build its own facility. The U.S. was at a disadvantage to Europe, due to its 35% statutory federal income-tax rate for companies. Ireland’s corporate tax rate, by contrast, is 12.5%.

Those financial considerations threatened to overshadow other advantages that a U.S. plant would offer, including the ease with which company officials could visit it, and the availability of talented workers in some regions.

“Our strong assumption was that it would be very challenging to establish a new bio-manufacturing facility in the U.S.,” Chief Executive John Crowley said in an interview.

As the tax legislation advanced in Congress last fall, however, building in the U.S. began to look more attractive. On Dec. 21, a day after Congress passed the final measure, which lowered the statutory corporate rate to 21%, Mr. Crowley recommended to his board the company focus on finding a U.S. site. The company has narrowed its choice to three East Coast cities Mr. Crowley declined to identify, and expects to decide in the next month or two. It expects the plant to cost $150 million to $200 million, and to employ at least 200 people at an average pay of $100,000 a year.

“With the changes in the tax law, it now makes the U.S. competitive with these geographies we’re looking at,” he said. – Jan. 26, 2018 Wall Street Journal article excerpt

Somerset Savings Bank (Bound Brook, New Jersey) -- $750 bonuses for employees excluding senior management:

Somerset Savings Bank announced today that, following the enactment of the new federal tax reform legislation, it will distribute a special cash bonus to its employees. Every employee, excluding senior management, will receive a one-time $750 bonus. – Jan. 23, 2018 Somerset Savings Bank press release

OceanFirst Financial Corp. (Toms River, New Jersey) – base wage increase to $15 per hour:

OceanFirst Financial Corp. (NASDAQ:OCFC) the holding company for OceanFirst Bank, today announced a commitment to increase the Bank's minimum hourly pay rate to $15.00 within 30 days of the enactment of the Tax Cuts and Jobs Act which has been approved by Congress and is expected to be signed into law in the near future." -- Dec. 22, 2017 OceanFirst Financial Corp. press release

Invertase Brewing Co. (Phillipsburg, New Jersey) -- A brewery is being built in an Opportunity Zone created by the Tax Cuts and Jobs Act:

A piece of paper taped to the door blocks the view inside. "No peeking!!" it says. There are smiley faces inside the O and under the two exclamation points.

Inside is where Stephen and Karen Zolnay are hard at work turning a family hobby of 15 years into a business.

When finished, Invertase Brewing Co. will be one of just a handful of breweries in northwest New Jersey, and the only one in Phillipsburg. Breweries are more plentiful just across the Delaware River in Easton, a community from which the Zolnays hope to draw support.

...

What's more, they said, the site is at a crucial intersection for Route 22 motorists getting to and from the free bridge and falls within an federal opportunity zone, giving them some economic incentive as well. -- July 21, 2019 Hunterdon County Democrat article

JLL Capital Markets (Jersey City, New Jersey) -- The company is investing in a brand new apartment complex, which will create new jobs:

"JLL Capital Markets has arranged a $20.5 million loan for an investment fund that’s buying a Jersey City apartment complex, NJBIZ reported. Borrower Normandy Opportunity Zone Fund, which is managed by Columbia Property Trust, plans to use the financing to purchase the 93-unit, six-story building known as The Ashton, which is in an opportunity zone. The building houses 62 parking spots, according to the outlet. Rialto Capital Management provided the two-year, floating rate loan. " -- February 26, 2020 The Real Deal article

JLL Capital (Jersey City, New Jersey) -- The company announced it is building an apartment community located in an Opportunity Zone created by the Tax Cuts and Jobs Act:

JLL Capital Markets announced today that it has arranged $41 million in acquisition financing for BELA, a newly developed, 104-unit, luxury apartment community located within a qualified opportunity zone in Jersey City’s rapidly expanding Bergen-Lafayette neighborhood.

JLL worked on behalf of the borrower, Golden Glades Capital Management, to arrange the two-year, floating-rate loan that was provided by Ares Commercial Real Estate Corporation (NYSE: ACRE). -- April 2, 2020 MultifamilyBiz article

Advanced Sciences and Technologies, LLC (Berlin, New Jersey) – increased 401(k) match for employees.

Unity Bank (Clinton, New Jersey) – all 200 non-executive employees will receive a $750 bonus:

In response to Congressional approval of tax reform legislation, Unity Bancorp, Inc. (NASDAQ:UNTY), parent company of Unity Bank, announced today that its Board of Directors has elected to provide all employees excluding executive management with a one-time $750 bonus.

“The bank’s Board and executive management felt strongly that the anticipated benefit of the corporate tax rate reduction should be shared with our employees,” said Unity Bank President & CEO James A. Hughes. “Unity’s employees constantly demonstrate their commitment to our customers and the community, not only in their work responsibilities, but by donating their personal time and resources to benefit those in need. We foster an entrepreneurial culture at Unity where the employees and bank can grow together and this decision fits perfectly with that philosophy.”

The corporate tax rate in the recently passed legislation will drop from 35% to 21%. Unity Bank intends to pay the bonuses to its approximately 200 employees in January. – Dec. 26, 2017 Unity Bancorp Inc. press release

Amboy Bank (Old Bridge, New Jersey) – Base wage raised to $15 per hour; $1,000 bonuses for non-executive employees:

The New Jersey Bankers Association said Amboy Bank was "sharing the benefits of the recent tax reform."

"They are joining the growing group of banks across New Jersey and the country that are rewarding employees with increased wages, special bonuses and enhanced benefits programs as well as increased funding for charitable giving," president and CEO John E. McWeeney, Jr. said in a statement. – Feb. 8, 2018 NJ Advance Media article excerpt

Apple (There are 12 Apple stores in New Jersey: Atlantic City, Bridgewater, Cherry Hill, Edison, Freehold, Lawrence Township, Marlton, Paramus, Rockaway, Short Hills, Wayne, Woodcliff Lake) -- $2,500 employee bonuses in the form of restricted stock units; nationally, $30 billion in additional capital expenditures.

Johnson & Johnson (New Brunswick, New Jersey) – New investments due to tax reform – details will be released in April.

“Now regarding tax reform, what we said from the very beginning is that one of the major reasons, in addition to lowering the rate, is just frankly the flexibility that it provides us, and we think it actually helps make us more competitive, particularly on an international level if we happen to be in a competitive situation with other companies because now we have greater flexibility on how we can access that cash. So we think net-net, it's a positive for us. As you heard Dominic [J&J CFO] mention earlier, regarding the more immediate tax reform impact, we think that the -- the wise thing to do is to invest a good portion of that back into R&D. If you look over the past several years, the output, the productivity, particularly in our pharmaceutical pipeline, but also in others of our investments in R&D, we think, have been at the high end. And we think ultimately doing that, we'll have the greatest impact on our business, will help us get out to better serve underserved needs around the globe, and that's where we're heading in that direction.” – CEO Alex Gorsky

"We are pleased by the final passage of the U.S. tax cuts and jobs act.” – CFO Dominic Caruso

Bank of America (Multiple locations in New Jersey) -- New Jersey-based employees of Bank of America will receive $1,000 bonuses.

Cintas Corporation (Multiple locations in New Jersey) -- $1,000 bonuses for employees of at least a year, $500 bonuses for employees of less than a year.

Chipotle Mexican Grill (Multiple locations in New Jersey) – Bonuses ranging from $250 to $1,000; increased employee benefits; nationally, $50 million investment in existing restaurants.

Comcast (Multiple locations in New Jersey) -- $1,000 bonuses; nationally, at least $50 billion investment in infrastructure in next five years.

Home Depot -- 72 locations in New Jersey, bonuses for all hourly employees, up to $1,000

Lowe's -- 5,000 employees at 39 stores and two distribution centers in New Jersey. Employees will receive bonuses of up to $1,000 based on length of service; expanded benefits and maternity/parental leave; $5,000 of adoption assistance.

Ryder (13 locations in New Jersey) – Tax reform bonuses for employees.

Starbucks Coffee Company (Multiple locations in New Jersey) – $500 stock grants for all retail employees, $2,000 stock grants for store managers, and varying plan and support center employee stock grants. Nationally, 8,000 new retail jobs; an additional wage increase this year, totaling approximately $120 million in wage increases, increased sick time benefits and parental leave.

T.J. Maxx – 39 stores in New Jersey – tax reform bonuses, retirement plan contributions, parental leave, enhanced vacation benefits, and charitable donations:

The 2017 Tax Act benefited the Company in the fourth quarter and full year Fiscal 2018. The Company expects to continue to benefit from the 2017 Tax Act going forward, primarily due to the lower U.S. corporate income tax rate. As a result of the estimated cash benefit related to the 2017 Tax Act, the Company is taking the following actions:

Associates

A one-time, discretionary bonus to eligible, non-bonus-plan Associates, globally
An incremental contribution to the Company’s defined contribution retirement plans for eligible Associates in the U.S. and internationally
Instituting paid parental leave for eligible Associates in the U.S.
Enhancing vacation benefits for certain U.S. Associates

Communities

Made meaningful contributions to TJX’s charitable foundations around the world to further support TJX’s charitable giving. – Feb. 28, 2018 The TJX Companies Inc. press release excerpt

U-Haul (Multiple locations in New Jersey) – $1,200 bonuses for full-time employees, $500 for part-time employees.

Wal-Mart – 63 locations in New Jersey -- Base wage increase for all hourly employees to $11; bonuses of up to $1,000; expanded maternity and parental leave; $5,000 for adoption expenses.

Wells Fargo – 279 locations in New Jersey; raised base wage from $13.50 to $15.00 per hour; nationally, $400 million in charitable donations for 2018; $100 million increased capital investment over the next three years.

Note: If you know of other New Jersey examples, please email John Kartch at jkartch@atr.org

The running nationwide list of companies can be found at www.atr.org/list

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Supercut: Team Biden Vows to Impose Carbon Tax

Posted by John Kartch on Tuesday, December 1st, 2020, 9:00 PM PERMALINK Follow @JohnKartch

Joe Biden and Kamala Harris have endorsed a carbon tax on the American people.

And as shown in the video below, they are surrounding themselves with others pushing a carbon tax, including climate czar John Kerry, OMB pick Neera Tanden, and Treasury Secretary Janet Yellen:

A carbon tax would impose burdens on households due to higher costs of cooling and heating, transportation, and groceries.

Even Hillary Clinton in 2016 decided to oppose a carbon tax after she learned the following from an internal Clinton report prepared by policy staff:

The Hillary memo states that a carbon tax would devastate low-income households: “As with the increase in energy costs, the increase in the cost of nonenergy goods and services would disproportionately impact low-income households.”

The Hillary memo states that a carbon tax would cause gas prices to increase 40 cents a gallon and residential electricity prices to increase 12% - 21%: “In our analysis, for example, a $42/ton GHG fee increases gasoline prices by roughly 40 cents per gallon on average between 2020 and 2030 and residential electricity prices by 2.6 cents per kWh, 12% and 21% above levels projected in the EIA’s 2014 Annual Energy Outlook respectively.

The Hillary memo states a carbon tax would cause household energy bills to go up significantly: “Average household energy costs would increase by roughly $480 per year, or 10% relative to the levels projected in EIA’s 2014 Outlook.”

The Hillary memo states that a carbon tax would increase the cost of household goods and services: “The cost of other household goods and services would increase as well as companies pass forward the higher energy costs paid to produce those goods and services on to consumers.”

(Source: MEMORANDUM FOR HILLARY RODHAM CLINTON -- Jan. 20, 2015)

Carbon taxes are highly unpopular with voters. In fact, carbon tax advocates can’t even get a carbon tax passed in a single blue state, as this timeline shows.

Carbon taxes also saddle state and local governments with huge costs. For example, a school district in Canada was forced to kick 400 kids off the school bus program in order to pay a $3.3 million carbon tax bill.

It's no wonder conservative groups wrote a letter to Congress Stating: "We oppose any carbon tax." The official Republican Party platform also rejects "any carbon tax."

Biden's carbon tax will also shatter his pledge to each and every American making less than $400,000 that he will not raise a single penny of any tax.

Posted by Alex Hendrie on Tuesday, December 1st, 2020, 2:33 PM PERMALINK

If lawmakers fail to act by the end of the year, breweries, distilleries, and wineries across America will face a tax increase.

The Craft Beverage Modernization and Tax Reform Act (CBMTRA) was first enacted through the Tax Cuts and Jobs Act of 2017. This bill provided federal excise tax relief for breweries, wineries, and distilleries, allowing these businesses to hire more employees, purchase new equipment, and expand production.

Unfortunately, this tax relief was temporary and is set to expire at the end of the year. Congress can make these tax cuts permanent by passing S. 362/H.R. 1175, legislation introduced by Reps. Ron Kind (D-Wis.) and Mike Kelly (R-Pa.) and Senators Ron Wyden (D-Ore.) and Roy Blunt (R-Mo).

This legislation is overwhelmingly bipartisan and has been co-sponsored by 350 members of the House of Representatives and 76 Senators. Congress should pass this legislation, either as a stand-alone proposal or as part of a broader legislative package.

ATR has kept a running list of dozens of distilleries, breweries, and wineries that have been able to expand production, hire new workers, and invest in the economy thanks to the CBMTRA. Making these tax cuts permanent will help businesses continue supporting the economy and workers.

Examples of businesses that have already seen benefits from the CBMTRA include:

Alexander Valley Vineyards

(Healdsburg, California) – The vineyard was able to create new jobs, buy new equipment, and remodel their tasting rooms because of the Tax Cuts and Jobs Act:

“The craft beverage bill has been an incredible boost for our industry and this extension allows us to continue investing in our wineries by buying new equipment, remodeling tasting rooms, hiring new employees and more,” said Hank Wetzel, founder and family partner of Alexander Valley Vineyards and Chairman of Wine Institute. “All of this benefits local communities in the form of jobs, tax revenue and support for the hospitality industry.” – Dec. 20, 2019, Southeast Farm Press article.

Portland Cider Company

(Clackamas, Oregon) – Because of the Tax Cuts and Jobs Act, the owner was able to create new jobs and invest in new equipment:

Jeff Parish, Co-Founder of Portland Cider Company and Committee Member of the United States Association of Cider Makers: “As a cider maker, the temporary CBMTRA allowed me to purchase new equipment, hire new staff and grow my business. If the excise tax credits go away, I have to reverse those choices. We're hopeful the permanent version of the bill passes, so we can plan with certainty for a growth-future." – Feb. 6, 2019, U.S. Senate Finance Committee press release.

Central Standard Distillery

(Milwaukee, Wisconsin) – The Tax Cuts and Jobs Act allowed the distillery to hire four new employees, invest in a new facility, and ordered a new bottling line:

"Central Standard Distillery co-owner Evan Hughes said his business was able to grow faster than it normally would because of the act. He attributes four key growth areas to the success of the act, including: Central Standard hired four new employees, bringing staff totals to 22 people. The company invested in a 15,000-square-foot facility on Clybourn Street. In addition, Central Standard ordered a new bottling line for improved efficiency and offered health care to all of its employees.

"It gave us the courage to expand our business quicker than we normally would," Hughes said. – Dec. 10, 2019, Milwaukee Business Journal.

Bar Cento

(Cleveland, Ohio) – The tax cuts allowed the bar to add new jobs and invest more in their facility:

Sam McNulty, co-founder of multiple Cleveland brewery/restaurants including Market Garden Brewery and Bar Cento, credited the tax break with helping his operations expand at an accelerated rate, "which in our case meant several million dollars of investment in our facility as well as the creation of a large number of full-time positions."

Not having certainty for the tax cut beyond next year could stymie other, more long-term investments.

"As in life, so it goes in business, where if the future is uncertain, you are more likely to be less secure and optimistic and thus more conservative and frugal," McNulty said. "There's not a bank on the planet that will finance a business that has only a one-year lease. And so a one-year extension is appreciated, but it is not enough to really fuel this growing industry and reach the full promise of the economic benefits of local craft beer." – Dec. 17, 2018, Crains Cleveland article.

Photo Credit: Darren Maloney

Posted by Katie McAuliffe on Tuesday, December 1st, 2020, 9:44 AM PERMALINK Follow @https://twitter.com/digitalliberty?lang=en

Today, Americans for Tax Reform sent a letter to Majority Leader Mitch McConnell urging him to confirm Nathan Simington as Federal Communications Commissioner before the end of this year.

The continue reading for the full letter text or click here.

December 1, 2020

The Honorable Mitch McConnell

Senate Majority Leader

S-230, The Capitol

Washington DC, 20510

Re: Support of Nomination of Nathan Simington to the Federal Communications Commission

Dear Majority Leader McConnell:

I write in support of Nathan Simington’s nomination to the Federal Communications Commission.

In the past four years, the FCC, under Chairman Ajit Pai’s leadership, has made major accomplishments in promoting resilient networks that spurred broadband deployment and investment. This foresight and swift action during the pandemic, kept Americans connected through the volatile and uncertain times faced by families as COVID-19 emerged globally.

Right now, Joe Biden is poised to inherit a Democrat-led FCC on day one. Under long-standing tradition, the current Republican FCC Chairman Ajit Pai will step down in January. Likewise, current Republican FCC Commissioner Mike O’Rielly will leave the agency when Congress adjourns in a few weeks because his term has expired. This means that the normally five-member FCC would be controlled by Democrats, 2-1, starting on January 20. That would give the agency the opportunity to jam through a partisan Biden agenda. While floor time is limited during the Senate’s lame-duck session, confirming Simington this year would ensure a 2-2 FCC that could forestall billions in economic damage.

The Commission’s role in Restoring Internet Freedom to stop so-called net neutrality prevented regulations that would have treated broadband providers like utilities under Title II of the Communications Act. This created an environment for $80 billion of dollars in investment from 2018 through 2019. It also prevented giving states and localities the ability to institute their own taxes and fees on broadband networks.

Republicans should not underestimate the harm that a Democrat-led FCC could impose on the American economy during Biden’s first 100 days.

A Biden Administration will likely lean on the FCC to help push through an agenda focused on taxpayer funded broadband, as it did during the Obama years. Many states have opposed taxpayer funded municipal broadband networks, while other states have pursued this path. The courts prevent the Obama era FCC from inserting itself into states who opposed municipal broadband networks. Meanwhile, we have watched networks consistently fail in states that chose to pursue taxpayer funded networks.

A Democrat-controlled FCC is expected to significantly increase its spending of Americans’ hard-earned dollars. They can do so immediately through the FCC’s Universal Service Fund without any input or check from the Senate simply by adding charges to American’s telephone bills. Democrats have also called for massive increases in in the FCC’s Lifeline and E-Rate programs. Internet connectivity has become even more vital as many of us continue to work, educate, visit doctors, and entertain from home. However, this does not necessarily mean increases in spending are necessary. The FCC has done much to redirect funding and audit subsidies.

5G connectivity has been a rallying cry across the isles, and while spectrum auctions are sure to continue, another democrat priority may involve rolling back FCC rules that limit how much cities can charge telecom companies for 5G cell sites. Bringing cities in line with market rates has encouraged and expedited the spread of important 5G infrastructure.

By confirming Simington now as Commissioner to the FCC, the Senate can forestall the impending economic harms and damage to deregulatory policies from the last four years. While the Senate calendar is tight, spending the necessary floor time to get Simington confirmed to the FCC is the most economically beneficial use of Congress’s time.

Americans for Tax Reform urges you to confirm Nathan Simington to the FCC before the end of this year. Simington’s confirmation now would ensure a 2-2 FCC at the outset of a Biden Presidency. The FCC could continue to pursue important initiatives on a bi-partisan basis, but it would be blocked from jamming through partisan initiatives—whether those involve profligate spending or an anti-growth agenda. Should you have any questions or comments on this matter, please reach out to me, or our Director of Federal Policy, Katie McAuliffe, kmcauliffe@atr.org.

Onward,

Grover G. Norquist

President

Americans for Tax Reform

Photo Credit: David Berkowitz

Posted by Tom Hebert on Tuesday, December 1st, 2020, 7:45 AM PERMALINK Follow @tomhebertdc

If Raphael Warnock and Jon Ossoff are elected to the Senate by winning the January 5, 2021 runoff elections, they will rubber stamp the Biden-Harris agenda of higher taxes on the American people.

Joe Biden has promised $4 trillion in new or higher taxes on the American people and has pledged to repeal the Trump- Republican Tax Cuts and Jobs Act “on day one.” This would raise taxes on middle class Americans all across the country – a family of four with the median annual income of $73,000 will see a tax hike of more than $2,058.

This means that if Warnock and Ossoff win on January 5th, their first order of business will be to raise taxes on all Georgians by repealing the Tax Cuts and Jobs Act.

Using IRS data from 2017 and 2018, ATR calculated the average decrease in tax liability for various income thresholds thanks to the Tax Cuts and Jobs Act. Families with AGI of between $50,000 and $100,000 saw a tax cut of roughly double that families with AGI of over $1 million received. The breakdown for Georgia is below:

Taxpayers with AGI of between $25,000 and $49,999 saw their average tax liability drop from $2,553.19 in 2017 to $2,312.76 in 2018, a 9.4 percent reduction in federal tax liability.
Taxpayers with AGI of between $50,000 and $74,999 saw their average tax liability drop from $5,459.71 in 2017 to $4,829.49 in 2018, a 11.5 percent reduction in federal tax liability.
Taxpayers with AGI of between $75,000 and $99,999 saw their average tax liability drop from $8,803.29 in 2017 to $7,675.99 in 2018, a 12.8 percent reduction in federal tax liability.
Taxpayers with AGI of between $100,000 and $200,000 saw their average tax liability drop from $17,824.57 in 2017 to $15,881.30 in 2018, a 10.9 percent reduction in federal tax liability.
Taxpayers with AGI of over $1 million saw their average tax liability drop from $786,363.64 in 2017 to $737,697.06 in 2018, a 6.2 percent reduction in federal tax liability.

Incumbent Republican Senators David Perdue and Kelly Loeffler have been consistent advocates of lower taxes and limited government. Sen. Perdue voted for the TCJA, which reduced taxes for Georgians across the board. While Sen. Loeffler was not in Congress at that time, she has consistently voiced support for lower taxes and has signed the Taxpayer Protection Pledge signer, a written commitment to her constituents to oppose any and all income tax increases.

The distinction is clear – Perdue and Loeffler will fight for low taxes and a strong economy while Ossoff and Warnock will vote for the Biden agenda of higher taxes on all Georgians and Americans across the country.

Photo Credit: John Ramspott

Posted by Alex Hendrie on Tuesday, December 1st, 2020, 7:30 AM PERMALINK

Neera Tanden, President-elect Joe Biden’s pick to lead the Office of Management and Budget (OMB), wants to impose a steep national soda tax.

Tanden endorsed the “Medicare for America Act,” legislation introduced by House Democrats that imposed a one cent tax per 4.2 grams of caloric sweetener in sugary drinks.

The Center for American Progress, which is currently led by Tanden, also called for a tax on sugary drinks as part of their “Medicare Extra for All” plan. This plan would impose several “public health excise taxes” including a tax of 1 cent per ounce to finance new spending on liberal priorities.

If one of these sugary drink taxes were imposed, it could result in a 55 to 67 cent tax on a 2-liter bottle of Coca-Cola. A single 2 liter bottle of Coca-Cola costs anywhere from $1.25 to $1.70, so this tax could total 50 percent of the cost of the product. With the Tanden soda tax burden, the cost of a 12-pack of soda could increase by $1.11 to $1.44.

A tax on sugary drinks would also be extremely regressive and disproportionately harm low-income Americans. In fact, according to a 2018 report from the Tax Foundation, 47 percent of the tax collections from a sugary drink excise tax would come from households with income under $50,000.

Even Bernie Sanders came out against a soda tax.

During his 2016 presidential bid Bernie Sanders slammed Hillary Clinton’s endorsement of a soda tax. Sanders said:

“The mechanism here is fairly regressive. And that is, it will be increasing taxes on low income and working people.”

Sanders went on to note that Clinton’s embrace of a soda tax violated her pledge to the American people not to support any tax increase on Americans making less than $250,000 per year.

"Frankly, I am very surprised that Secretary Clinton would support this regressive tax after pledging not to raise taxes on anyone making less than $250,000. This proposal clearly violates her pledge," Sanders said.

Needless to stay, this tax would violate Biden’s pledge to not raise a single penny of any tax on any American making less than $400,000 per year.

The OMB Director is responsible for implementing the President’s policy priorities across the executive branch. If confirmed, Tanden would play a key role in shaping and implementing policy proposals under a President Biden.

Biden has already called for $4 trillion in new or higher taxes on American families and businesses. With Tanden as OMB chief, a sugary drink tax could be next.

Photo Credit: Center for American Progress

Posted by Sheridan Nolen on Wednesday, November 25th, 2020, 4:17 PM PERMALINK Follow @snolen_ok

Ohio’s current local income tax structure allows municipalities to tax employees even if they do not physically work in the city that is taxing them.

This is a common rationale: employees can be taxed based upon where they work because they are using city resources like police, fire, and other public services while they are at work.

However, what happens when people stop actually working at that location? Ohio Governor Mike DeWine’s statewide COVID-19 Stay-at-Home order earlier this year has forced many employees to work from home. This means Ohioans are paying taxes to cities whose services they no longer use.

At the beginning of the pandemic in March, lawmakers passed HB 197 which deemed all work performed at private homes during the public health emergency to have been performed at the employees’ principal place of work for the purposes of taxation. In other words, cities were permitted to collect income tax dollars as though businesses were operating under normal circumstances.

This was originally passed under the assumption that it would be a temporary law, only to stay in place until 30 days after Gov. Mike DeWine ended his state of emergency declaration. As the pandemic has carried on far longer than initially anticipated, the temporary nature of the law has been strained.

In July, The Buckeye Institute and three of its employees filed a lawsuit against the City of Columbus and the State of Ohio. The lawsuit asserts it is unconstitutional to allow cities to tax income of workers who do not live there, and were not permitted to work there during the Stay-at-Home order.

In order to comply with Ohio’s emergency orders, which required nonessential businesses to close, The Buckeye Institute required its employees to work from home. According to The Buckeye Institute, this is unlawful taxation and “a clear violation of due process rights under the Fifth and Fourteenth Amendments to the U.S. Constitution and violates Article I, Section 1 of the Ohio Constitution.”

Robert Alt, President of The Buckeye Institute, cited the Hillenmeyer v. Cleveland Board of Review Supreme Court decision from 2015. In Hillenmeyer, the Court unanimously decided that local taxation of a non-resident's services must be based on the location of that person when the work was performed.

While the Ohio Supreme Court deliberates on the case, state legislators have said they plan to work on passing a new law before the end of the year. Two companion bills, inspired by The Buckeye Institute’s lawsuit, have been introduced in the Ohio Legislature.

Rep. Kris Jordan, R-Delaware, has sponsored HB 754 and Sen. Kristina Roegner, R-Hudson, has introduced its companion, SB 352. Both pieces of legislation would amend income tax withholding rules for work-from-home employees related to the COVID-19 pandemic. Employees in Ohio would be taxed where they live rather than where they work.

Sen. Roegner said, “I don’t believe it’s constitutional to be able to tax someone that doesn’t step foot in your city.”

However, while various lawmakers like Roegner have expressed their beliefs that the law is unfair, cities across Ohio say repealing the temporary law would hurt city budgets. Organizations, such as the Ohio Municipal League, have also come out against such legislation.

Ohio Municipal League Executive Director, Kent Scarrett, said that “any shift from how income taxes are collected with the coronavirus emergency measure needs extensive debate.” Membership to the Ohio Municipal League is given to any city or village in Ohio that pays annual dues. In other words, many people who are directly part of City Government are key members of the Ohio Municipal League.

If a new law is not passed before the end of the 133rd General Assembly, Sen. Roegner has promised to bring a new bill back to the Statehouse in January 2021.

The lawsuit and pending legislation of HB 754 and SB 352 could benefit taxpayers during the pandemic by simplifying how they pay taxes.

Photo Credit: Nicholas Eckhart

Posted by Tom Hebert on Tuesday, November 24th, 2020, 2:55 PM PERMALINK Follow @tomhebertdc

Democrats are fighting to expand several unemployment programs into 2021, including reviving the Pelosi $600-per-week increase in unemployment payments that subsidized welfare over work.

This could endanger the economic recovery, as past expansions of unemployment programs have resulted in more Americans out of work and decreased labor demand, according to a 2019 study from the New York Federal Reserve.

On the heels of the Great Recession, Congress extended unemployment benefits for 13 weeks on top of the normal 26 week duration in June 2008. After President Obama took office, Congress passed a number of additional expansions to unemployment, eventually topping out at 99 weeks of benefits.

Analysts from the New York Federal Reserve estimated that the unemployment rate would have been 2.2 percentage points lower in 2011 and 3 percentage points lower in 2010 if Obama’s benefit expansion did not exist. This means that the disincentive to work the benefit expansion created kept approximately 4 million Americans out of a job during the slowest economic recovery in modern history.

The report also found that extended durations of unemployment payments have a negative impact on labor demand, as “...firms would expect to bargain with workers entitled to high benefits at all future dates.”

Democrats are pushing to revive the CARES Act’s temporary $600-per-week federal pandemic unemployment compensation (FPUC) benefit. Before the FPUC expired in July, it created a situation in which 68 percent of Americans got paid more on unemployment than in the workplace.

The subsidy of welfare over work will have lasting impacts on the economy that will only worsen if brought back. A recent study conducted by the Heritage Foundation found that the FPUC will reduce GDP by between $955 billion and $1.49 trillion.

The economy is recovering strongly from the pandemic, and several promising COVID-19 vaccine candidates are on the horizon. Since the April pandemic-low, 12.1 million jobs have been recovered as businesses continue to reopen and Americans continue getting back to work. Since October, over half of the jobs lost to the Coronavirus pandemic have now been recovered, and unemployment has fallen from a record high 14.7 percent to 6.9 percent.

While workers who have been displaced by the pandemic through no fault of their own deserve a safety net, history tells us that extending these programs will do more harm than good. As our economy continues to rebound, lawmakers must keep these facts in mind and reject policies that would prolong high unemployment rates and discourage Americans from safely re-entering the workforce.

Photo Credit: Gage Skidmore

Posted by Matt Owens on Tuesday, November 24th, 2020, 11:38 AM PERMALINK

As in other states, tax collections in Texas have taken a hit due to Covid-19 and subsequent shutdowns. Texas lawmakers will be faced with the challenge of reprioritizing state spending when they convene their biennial session in January. To assist Lone Star State lawmakers in this effort, the Texas Public Policy Foundation (TPPF) has published a conservative budget plan that would limit spending growth to the rate of population plus inflation, setting a max threshold for appropriations in the next budget at $246.8 billion.

TPPF is also urging Texas lawmakers to provide property tax relief in the coming year, a goal the Americans for Tax Reform supports. Texas is one of nine no-income-tax states, yet high property tax burdens are a problem. 2021 is a great time for Texas legislators to fix that. TPPF economist Vance Ginn highlighted the excessive property tax burdens facing Texans in testimony presented to the Texas House Ways & Means Committee in September:

“Texas looks to have at least the 7th highest local property tax burden in the nation,” Ginn told lawmakers. “This is according to an effective property tax rate of 1.81% per WalletHub.com or the share of property taxes paid to owner-occupied housing value of 1.69% per the Tax Foundation. While some claim this high burden is because Texas does not have a personal income tax, the two sources above show other states with no income tax tend to have a more competitive property tax burden. Texas’s high burden is from excessive spending.”

Even though Texas has a relatively competitive state tax code (minus the state’s margins tax), local municipalities throughout Texas notoriously squeeze residents through high property taxes. The coming legislative session presents an opportunity for Governor Greg Abbott and Texas legislators to consider restructuring that relationship in order to ease property tax burdens.

TPPF’s Ginn proposes swapping the state’s patchwork of local property taxes for a uniform sales tax to fund schools.

“For the sales tax swap, we recommend replacing school M&O property taxes with final sales taxes by mostly broadening the sales tax base,” said Ginn. “In 2017, the last year for which data is available from the Texas Comptroller’s website, Texas provided an estimated $42 billion in exemptions, exclusions, and discounts to the final sales tax base, requiring a higher tax rate and higher burden on those taxed.”

The new year will be full of challenges for state lawmakers in Texas and elsewhere. But the new legislative session also presents many opportunities. In addition to balancing the budget without raising taxes in 2021, tax reform that reduces onerous property tax burdens should be a high priority for Texas legislators, as should phasing out the state margins tax.

Photo Credit: Michael Barera

Posted by Mike Palicz on Monday, November 23rd, 2020, 5:38 PM PERMALINK Follow @Mike_Palicz

The Wall Street Journal reported today that Joe Biden plans to nominate former Federal Reserve Chairwoman Janet Yellen to become the next Treasury Secretary.

Yellen is a founding member of the Climate Leadership Council (CLC), an “international policy institute” lobbying Congress to pass a carbon tax “starting at $40 a ton (2017$) and increasing every year at 5% above inflation.” Yellen is also the author of a recent study commissioned by CLC, Exceeding Paris, that recommends a $43/ton carbon tax.

According to an internal report conducted by Hillary Clinton’s 2016 Presidential Campaign, a near-identical model of CLC's carbon tax plan “would generate $219 billion a year, on average, between 2020 and 2030.” The same internal report also concluded a $42/ton carbon tax “increases gasoline prices by roughly 40 cents per gallon” and found “average household energy costs would increase by roughly $480 per year.”

Yellen: “Capitalism is beginning to run amok”

“There really is a new kind of recognition that you’ve got a society where capitalism is beginning to run amok and needs to be readjusted in order to make sure that what we’re doing is sustainable and the benefits of growth are widely shared in ways they haven’t been,” Yellen told Reuters in an October interview promoting CLC’s carbon tax plan.

Support for Carbon Adjustment Fee and Carbon Customs Unions

In the same Reuters report, Yellen expanded upon Biden’s support for a “carbon adjustment fee” on imports from countries that fail to cut emissions under the 2015 Paris climate agreement. “Our thinking is that countries with carbon pricing would form essentially clubs, or carbon customs unions, within which there would be frictionless trade,” Yellen said.

Further Support for Carbon Taxes

In an October 19 interview on Bloomberg television, Biden's Treasury pick Janet Yellen said:

"What I would recommend for the United States -- that hopefully we will in the years ahead, go in this direction -- is simply to put in place a carbon tax."

WATCH:

Biden's Own Support for a Carbon Tax

Biden endorsed a carbon tax during on CNN town hall on September 24, 2019:

CNN's Anderson Cooper asked Biden: "Would you support a carbon tax?"

Biden replied: "Yeah, no, I would."

Photo Credit: IMF

More from Americans for Tax Reform

Murkowski Puts Massive Carbon Tax “On The Table” During Event with Sheldon Whitehouse

Video: Biden “Likely” to Support a “Very High” Carbon Tax, According to Biden Advisor.

Podcast: TCI... It's a Tax!

Posted by John Kartch on Sunday, November 22nd, 2020, 11:31 AM PERMALINK Follow @JohnKartch

Joe Biden's Treasury Secretary pick wants to impose a carbon tax on the American people. Biden and Kamala Harris have also endorsed a carbon tax, an idea so radical that it was rejected by Hillary Clinton because it would devastate low income households.

In an October 19 interview on Bloomberg television, Biden's Treasury pick, Janet Yellen said:

"What I would recommend for the United States -- that hopefully we will in the years ahead, go in this direction -- is simply to put in place a carbon tax."

WATCH:

Biden endorsed a carbon tax during on CNN town hall on September 24, 2019:

CNN's Anderson Cooper asked Biden: "Would you support a carbon tax?"

Biden replied: "Yeah, no, I would."

Harris endorsed a carbon tax. "Under my plan there will also be a carbon fee," she said. CNN asked her, "How do you make sure that [companies] don't do what they will try to do, which is immediately pass that on to consumers?”

Harris replied: “That should never be the reason not to actually put a fee, in particular, a carbon fee."

Another key Biden adviser -- Jennifer Hillman -- said she expects Biden to impose a "very high" carbon tax. Hillman is reportedly in the mix for a job in the Biden administration.

A carbon tax would impose burdens on households due to higher costs of cooling and heating, transportation, and groceries.

Even Hillary Clinton in 2016 decided to oppose a carbon tax after she learned the following from an internal Clinton report prepared by policy staff:

(Source: MEMORANDUM FOR HILLARY RODHAM CLINTON -- Jan. 20, 2015)

Carbon taxes are highly unpopular with voters. In fact, carbon tax advocates can’t even get a carbon tax passed in a single blue state, as this timeline shows.

It's no wonder conservative groups wrote a letter to Congress Stating: "We oppose any carbon tax." The official Republican Party platform also rejects "any carbon tax."

Biden's carbon tax will also shatter his pledge to each and every American making less than $400,000 that he will not raise a single penny of any tax.