“We don’t want to tax all businesses out of business,” Obama said. “But we do think that there’s a role to play for government.”
The president’s remarks came at a private residence during a fundraising tour last week for the 2014 midterm elections.
Obama has made similar statements in the past. When speaking about implementing a cap and trade system when running for president in 2008, Obama said he would bankrupt coal power plants.
The coal industry “would have to meet the rigors of that market and the ratcheted-down caps that are being placed, imposed every year,” he said. “So if somebody wants to build a coal-powered plant, they can; it’s just that it will bankrupt them because they’re going to be charged a huge sum for all that greenhouse gas that’s being emitted,” Obama said.