The Green party is expressing their frustration over Governor Hochul’s unexpected delay of a harmful “climate” initiative. However, the rest of the population should be outraged at the fact that this scheme is still on the table if Hochul is re-elected in 2026.
In addition, she is proudly boasting about another insane decision that adheres to the same irrational reasoning.
The “cap and invest” tax on fossil-fuel corporations, which the government was expected to propose in Tuesday’s State of the State address, has been delayed. This news was confirmed by the governor’s press office to City Limits on January 9.
The Climate Superfund Act, which was signed into law by Hochul, is now moving forward at full speed. This act will impose an annual charge of $3 billion on fossil-fuel companies for the next 25 years.
Consumers are guaranteed to bear the cost, just like the other tax, once the government proceeds with it.
Hochul’s team states that they are postponing the implementation of the tax due to its complexity, as it cannot be rushed. However, it should be noted that Hochul initially introduced the idea of this tax two years ago.
Most of the money from both taxes will be spent on other green initiatives, all in the pursuit of the Climate Leadership and Community Protection Act, which is often referred to as a suicide pact.
New York is aiming to reduce statewide greenhouse gas emissions by 85% by 2050.
California is currently facing significant challenges in meeting its interim 2030 goals, as it is already years behind schedule. However, the state’s efforts to achieve its green objectives are coming at a high cost. Tens of billions of dollars have been spent, resulting in soaring energy prices and a detrimental impact on its reliable-energy capacity. These ambitious green goals have proven to be unattainable and have created a multitude of problems for California.
State leaders will eventually realize the futility of their pursuit and abandon it. Perhaps Hochul’s decision to delay implementing the “cap” tax is an indication that this day is drawing nearer.
However, at present, she is marketing the Superfund as “taxing corporations,” despite the fact that it ultimately increases the expenses associated with conducting business in New York. These additional costs will either be passed on to customers or result in companies opting to relocate outside of the state.
She signed the agreement last month, even before she had determined that the theme of her State of the State address would revolve around her newfound emphasis on “affordability.”
She made the decision to abandon the “cap” tax only after realizing that it would result in a significant increase in prices at the pump, estimated to be around 12 cents per gallon by next year, and even more in the future. Additionally, this tax would also lead to higher home-heating bills.
