Cap-and-tax bill will cost families $1761 per year
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Winningreen Alert A091609
By Gretchen Randall
Date: September 16, 2009
Issue: Documents just released by the Obama administration under pressure show their own estimates put the cost of the cap-and-trade (cap-and-tax) bill, if passed by the full Congress, at $200 billion a year or $1761 annually per family. This is equivalent to a hike in income taxes of 15 percent.
The administration released the documents to comply with a Freedom of Information Act request by Chris Horner of the Competitive Enterprise Institute. A copy of the documents released can be found at: http://www.openmarket.org/wp-content/uploads/2009/11/FOIA-Cap-andTrade-2009-09-11.PDF While many parts are redacted, most of the policy discussion is included. For example, the administration admits, “Economic costs will likely be on the order of 1% of GDP, making them equal in scale to all existing environmental regulation.”
Thomas J. Pyle, president of the American Energy Alliance, which has fought against cap-and-tax legislation because of the cost to our economy, said, “This internal White House memo brings closure to the debate about the threats and costs associated with cap-and-trade. These documents bring home the point that retirees, working-class families and small businesses will see an enormous increase in their energy costs as a result of this proposal – a claim that proponents of this policy, including the President, have denied on more than one occasion.”
Yesterday. Senate Majority Leader Harry Reid (D-NV) acknowledged that the cap-and-tax bill may not come before the U.S. Senate until next year. http://epw.senate.gov/public/index.cfm?FuseAction=Minority.Blogs&ContentRecord_id=BFBE7059-802A-23AD-4800-5E6B0D758223
Comment: It seems that the large inflow of tax revenue to the federal government from this tax scheme is irresistible to the Obama administration.
Comment: These documents remind one of the indiscrete words of Joe Wilson.
Links: Read our previous alert, “Obama administration and Democrats in bed with big business on cap-and-trade energy tax” at: http://www.winningreen.com/site/epage/80569_621.htm
or “Cap-and-trade: it’s all about families and jobs, stupid!” at: http://www.winningreen.com/site/epage/82253_621.htm
Contact: Gretchen Randall