Amazing

I can't think of another word to describe a bank advocating taxation. In what amounts to a complete endorsement of Ignatieff's environmental agenda, a "revenue-neutral", "carrot and stick approach", the TD bank offers the following:

Economists from one of Canada's big banks have thrown their support behind taxing industries and consumers who contribute to global warming, saying that government needs to attach a cost to pollution if any fundamental progress is to be made.

In a report released today by the TD Bank, economists argued that industry and consumers will not change their behaviour as long as it's cheap to pollute. They advocate a policy that combines emissions regulations, taxes, subsidies and a trading system for emissions credits – a varied approach they say would mitigate the impact on the economy.

But Drummond says taxing those who actually pollute creates an incentive to change behaviour.

He suggests that the tax should be applied when the pollution is created. Thus, the consumer would pay for car pollution, and industry would pay for pollution associated with the production process.

The revenues would be shifted into cutting taxes in other areas or to finance subsidies that further help the environment.

"You'd recycle every single cent," said Drummond.

The fact that a bank, which relies on economic growth, shows support for a carbon tax makes all the arguments about "economic ruin" all the more ridiculous. The TD's position is completely counter-intuitive, taxes are a drain on the economy. One, the problem must be quite serious. Two, the bank must acknowledge the long term economic impact if we do nothing. Three, there is a way to tax pollution and maintain economic growth.

Put that in your denier hat and smoke it. Who knew, the TD bank, an group of environmental activists, with no understanding of the economy. A good day indeed.