Here's the deal: Barack Obama wants to do a cap-and-auction system on carbon emission allowances, which would bring in $100 billion a year or more to Uncle Sam. Cutting the corporate income tax rate from 35 percent to 25 percent would "cost" $100 a billion a year. John McCain's cap-and-trade proposal—where the allowances are mostly given away—might be scored by the Congressional Budget Office as revenue neutral. If McCain wants a cap-and-auction system, could he not offset his corporate income tax cut with those cap-and-auction revenues?
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