Monday, November 7, 2011

Australia Approves Carbon Tax

With a vote of 36 to 32, Australia's Senate approved the controversial "carbon tax" legislation. This is another "historic economic reform" victory to the Gilliard government.

500 high-emitting companies will pay a $23 a tonne carbon tax next July. About half of the revenue shall go to households in the form of tax cuts and increase in  pensions and family payments to compensate for higher electricity bills.

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