I know, I know. I'm probably boring you to death by going through the Cap and Trade bill with a fine tooth comb.
But today, let's talk about how it would direct money to the working poor in America.
On page 1193, the bill would add a section to the Social Security Act on an "Energy Refund Program."
Basically, those making no more than 150% of the poverty line, would get monthly cash payments from the government to offset the extra costs that are caused by this bill.
In other words, as your energy bill goes up, the feds will help offset that increase.
That would mean single individuals making about $17,000 a year and families of four with $33,000 in income would be eligible for energy payments.
The bill would also tinker with the Earned Income Tax Credit, by doubling the EITC for those with no dependents, and include an inflation adjustment. That's on page 1209.
Then there is an interesting section right after the EITC language, Sec. 433, "Protection of Social Security and Medicare Trust Funds."
From the way I read it, the administrators of Medicare and Social Security would be able to tap into general revenues of the U.S. Government, if it is determined that the Cap and Trade bill has resulted in a reduction of revenues going into those two trust funds.
Let's say that again. The chieftains of Medicare and Social Security would be able to lay claim to tax dollars to offset money that did NOT come into the trust funds because of a loss of jobs attributed to the Cap and Trade bill.
The goal is to "place the Trust Fund in the same position at the end of such fiscal year as the position in which it would have been if such changes had not occurred."
And by the way, this is one of those 20 sections in the bill where "such sums" as necessary would be authorized.
So let's just review these three items:
* Payments to those making up to 150% of the poverty line to offset the costs of the Cap & Trade bill * A doubling of the EITC for low income workers with no dependents who qualify for aid * An open-ended funding of Medicare and Social Security money to deal with job losses and lower tax revenues caused by Cap & Trade
Have you looked through any of this bill yet? What are you waiting for?
http://wsbradio.com/blogs/jamie_dupr...de-extras.html
Geez, if this isn’t going to cause massive increases in the cost of living and job loss, why would you need these clauses? Seems like someone may by lying. I know, pretty shocking.
I knew there had to be something in there that protected “poor people” from the new costs. So not only will the rest of us pay more for our energy use (and the trickle-down inflationary effect of the taxes) but we will also pay to keep the “poor people” from being impacted by this. Sweet...
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