David Foster’s post on the cost to industry of EPA overreach gave me an idea of how to pit one group of Leftists against another group of Leftists.
The upper-class, white, environmentalist Leftists might not care if Shell lost 4 billion (with a b) dollars when forced to shelve their exploration plans in Alaska but I wonder if, say, an African-American redistributionist Leftist struggling to find funding for urban social-welfare programs might care about all the Federal tax revenues lost when Shell is forced by the environmentalist to forego the profits they would have made pumping the oil.
If Shell was going to spend $4 billion in development, then they planned to make at least twice that in profits. With the 35% US corporate tax rate, the means that the Federal government alone just lost $1.5 billion in tax revenues. That’s a bit simplistic of a calculation but nevertheless once you take into account the loss of income and social security taxes from the jobs that won’t be created, the EPA’s actions just cost the government a lot of tax revenues.