Category — Politics

Congressional Republicans and President Bush refused to offset the cost of the Alternative Minimum Tax (AMT) fix by imposing new taxes, particularly on wealthy hedge fund managers some of whom make in excess of 1 billion per year and who have been sheltered by a tax code quirk which allows them to receive a 20% tax break not available to other citizens.

By not offsetting the cost of the AMT fix, the national debt will increase by $50 billion. Full Story.

EPA Administrator Stephen Johnson denied California’s request to increase fuel economy standards to over 40 miles per gallon saying that the new federal fuel economy standards of 35 miles per gallon by 2020 in the energy bill signed today would save more greenhouse gases than California would acting alone (get that: acting alone). Full Story.

But California and the other 16 states waiting EPA approval to increase fuel economy standards would exceed the very limited federal effort. If the feds want to let the other states skate so be it. The EPA Administrator is under the influence of some bad gas in justifying his actions with tortured reasoning.

“The national standard of 35 miles per gallon will deliver significant reduction in greenhouse gas emissions, which is more effective than a state-by-state approach,” EPA Administrator Stephen Johnson said. Global warming “is a global problem that requires a national solution.”

Au contraire: a global problem needs a global solution which the Bush team is also trying hard to scuttle.

Toxic vapors are emanating but not from the tail pipe of an automobile. They billow from the White House - or rather the Out House. It appears that we will have to vote the Luddites out of office before any meaningful action can be taken on this urgent and critical issue.