Paris Cap & Tax Bill on Skids - EU Pulling Back

Paris has scrapped its planned carbon tax because of voter disapproval and lack of support in the rest of the EU. They cite the adverse effect of the tax on France's competitiveness within the EU as the reason for the change. Here's hoping the Obama administration and the Democrat Congress will be as pragmatic and drop the whole idea of the huge job killing Cap & Trade (Tax) bill.

Excerpt: The French government on Wednesday said it would abandon its plan to introduce a carbon tax on domestic energy and road fuels unless there was agreement for a European Union-wide levy.

The U-turn on the controversial environmental tax come two days after the governing UMP party of President Nicolas Sarkozy suffered a heavy defeat in regional elections. Senior UMP politicians have blamed the defeat in part on the proposed tax, which was due to come into effect on July.

Paris scraps carbon tax planhere.