Look no further than California for the latest example of foolishness.
That state’s latest budget counts on at least $500 million from that state’s auction of carbon credits under its cap-and-trade…business…to balance its budget.
There’s a problem with that bait-and-switch…business…though. As California’s Supreme Court ruled in its 1997 Sinclair Paint Co opinion, regulatory fees can’t
exceed in amount the reasonable cost of providing the protective services for which the fees are charged
or be imposed for
unrelated revenue purposes.