Always looking for new ways to slice its pound of flesh from American business, Obama allies are suggesting improvisational taxes. Give them points for creativity. Former Obama chief economist Larry Summers said that carbon taxes and taxing fatty foods should be on the table, but only once economic stasis has been reached. Of course, this begs the question of why we should ever tax products if we know those taxes will harm the economy, but that’s a question the left never feels the need to answer. Said Summers:
“It’s immensely important that the U.S. not fall off the fiscal cliff … Why aren’t we talking more about raising taxes on carbon and energy?”
The purpose of such taxes, said Summers, would be “corrective,” designed to prevent events like Hurricane Sandy. And with regard to taxing delicious food, Summers said, “Mark my words, this one will come.”
Get ready for President Bloomberg.