Cap and trade just a carbon tax

What does Climate Change Minister Glen Murray’s announcement Monday that Ontario sold out its first cap-and-trade auction of carbon credits mean to you?

It means Ontario businesses have just paid a new charge of $472 million to the Wynne government in a government-run quarterly auction of carbon permits to industry, through which the government hopes to raise $1.9 billion annually in new revenue.

That $1.9 billion annually will be paid for by all Ontarians, in the form of higher retail prices for most goods and services.

Simply put, Premier Kathleen Wynne has imposed a new $1.9 billion annual tax on all Ontarians.

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