Rooney’s support for carbon tax called into question
Featured

Rooney’s support for carbon tax called into question

630
0
217SHARES

Florida Congressman Francis Rooney (R) has one again come under fire for cosponsoring the Energy Innovation and Carbon Dividend Act, a carbon tax bill that Rep. Ted Deutch (D) sponsored earlier this year.

Rep. Rooney is the sole House Republican cosponsor of the bill.

The influential American for Tax Reform (ATR) organization has just come out against Rooney’s support for Deutch’s carbon tax, saying that the bill would “trigger new or higher taxes on many Social Security recipients,” if it were to pass in the House.

Trending: Mucarsel-Powell questions Trump’s hurricane preparedness

“Because the carbon tax would significantly increase household costs — cooling and heating, transportation, groceries, etc. — the bill directs the federal government to send payments to households in an attempt to compensate for the increased cost burden,” stated ATR in a press release

take our poll - story continues below

Has Adam Schiff committed fraud and treason concerning the Trump probe?

  • Has Adam Schiff committed fraud and treason concerning the Trump probe?  

  • This field is for validation purposes and should be left unchanged.
Completing this poll grants you access to Floridian Press updates free of charge. You may opt out at anytime. You also agree to this site's Privacy Policy and Terms of Use.

The group says that these payments or “dividends,” as Rep. Rooney calls them, would be subject to federal income tax, and would “not only siphon money from households to be sent to Washington,” but “it will also impact Social Security benefits.”

ATR also mentions the group Climate Solutions Lobby, which is fully supporting the carbon tax legislation, and recently released a report of how Rooney’s bill will impact Social Security benefits.

The report reads:

“Over the income-related phase-in range for the taxation of social security benefits, each additional $1.00 of non-social security income causes an additional $0.50 or $0.85 of social security benefits to become taxable. In most situations, the ordinary income tax rate in the phase-in range is 10 percent; however, at some income levels, the rate is 12 percent. Thus, $1.00 of non-social security income — including income from the Dividend — will be taxed at effective marginal rates of 15 percent, 18 percent, or 22.2 percent.

In addition, Climate Solution’s report outlines how the “dividends” offered in the bill will make social security benefits to become taxable.”

“Based on that income, the tax rate schedule shows that their marginal tax rate would be 10 percent. However, the addition of $1,584 of taxable Dividends from the Carbon Fee causes more of their social security benefits to become taxable, and their marginal tax rate due to the Dividends is 20.12 percent, so that after paying their income tax, the couple is left with only 79.88 percent of their gross Dividend.”

Climate Solutions Lobby is also behind the Climate Solutions Caucus in the House, a committee comprised of Republican and Democratic legislators who regularly meet to discuss issues related to climate change.

While Rooney co-chairs this caucus, other members of Florida’s Republican congressional caucus – Reps. Brian Mast, Matt Gaetz, and Bill Posey – are also members.

217SHARES
Tagged:

Javier Manjarres is a nationally renowned award-winning South Florida-based political journalist owns Diverse New Media, Corp. which publishes Floridianpress.com, Judicialpost.com, shark-tank.com, and Hispolitica.com He enjoys traveling, playing soccer, mixed martial arts, weight-lifting, swimming and biking. He ran as a Republican in the 2018 congressional primary race in Florida's CD 22. Javier is also a political consultant, and has also authored "BROWN PEOPLE," which is a book about Hispanic Politics. Learn more at www.brownpeople.org Email him at [email protected]

Screen Shot 2019-10-03 at 7.47.35 AM
FeaturedNational Politics
Trump accused Democrats of trying to “camouflage” their political agenda
That was a questioned posed by the Washington Post and a question that is on the [...]
omar
FeaturedNational Politics
Omar Faces Backlash for “Black Hawk Down” Tweet
One twitter account questioned her words, asking if she was “a United States [...]
Stand+Your+Ground+01
Featured
Major ‘Stand your ground’ case to be heard