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Murphy Moves to Tax Hot Air

the staff of the Ridgewood blog

TRENTON NJ, Fulfilling his promise to restore New Jersey’s national leadership in the fight against climate change and sea-level rise, Governor Phil Murphy today announced that the New Jersey Department of Environmental Protection (DEP) has formally adopted two rules returning New Jersey to the Regional Greenhouse Gas Initiative (RGGI). New Jersey was a charter member of RGGI before Governor Christie withdrew the state from the compact in 2012.“Climate change and sea-level rise affect us all, and as a coastal state, New Jersey is especially vulnerable to the impacts of global warming,” said Governor Murphy.

This is code for , “now I can raise your taxes on all carbon based life forms ie… all human activity” .

The governor releases some of his own hot air , “The reckless decision to pull out of the Regional Greenhouse Gas Initiative in 2012 cost the state millions of dollars in revenue that could have been used to put toward initiatives to reduce greenhouse gas emissions and improve the health of our residents. New Jersey has reemerged as a national leader in fighting climate change and reentering the Regional Greenhouse Gas Initiative will propel us on a path to 100 percent clean energy by 2050.”The first rule, the Carbon Dioxide Budget Trading rule, establishes the mechanisms for rejoining RGGI and sets the initial carbon-dioxide cap for the state’s electricity generation sector at 18 million tons in 2020. New Jersey’s carbon dioxide budget will decline by 30 percent through 2030, with other adjustments that are standard to all member states. The model used to develop the New Jersey carbon budget only considers emissions from currently operating electric generating facilities. Through a combination of RGGI’s required carbon-dioxide reductions and Governor Murphy’s aggressive renewable energy goals, the Department of Environmental Protection projects that the state’s greenhouse gas emissions will be 11.3 million tons by 2030.    The second rule, the Global Warming Solutions Fund rule, establishes the framework for how the DEP, the New Jersey Economic Development Authority, and the New Jersey Board of Public Utilities will implement a system to spend proceeds from RGGI carbon-dioxide allowance auctions, with an emphasis on projects that will benefit environmental justice in certain communities. 

2 thoughts on “Murphy Moves to Tax Hot Air

  1. The WSJ summed it up well in today’s editorial on Murphy aka Corzine 2.0:
    “An iron law of politics is never to trust a former Goldman Sachs executive who decides to run for elected office. Having made tens of millions of dollars at the financial giant, the former executive will typically have no qualms about raising taxes on others trying to become rich. ”

    Even the Democrats in the state senate are against his tax proposals.

  2. This will kill any company’s that make anything in NJ good bye manufacturing If this nonsense keeps going every one with any money will leave and it will be little California high taxes and no middle class. Good Job Governor carpet bagger.

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