More great news from the administration that has promised us HopenChange:
(AP)The Obama administration has privately concluded that a cap and trade law would cost American taxpayers up to $200 billion a year, the equivalent of hiking personal income taxes by about 15 percent.
A previously unreleased analysis prepared by the U.S. Department of Treasury says the total in new taxes would be between $100 billion to $200 billion a year. At the upper end of the administration’s estimate, the cost per American household would be an extra $1,761 a year.
A second memorandum, which was prepared for Obama’s transition team after the November election, says this about climate change policies: “Economic costs will likely be on the order of 1 percent of GDP, making them equal in scale to all existing environmental regulation.”
These disclosures will probably not aid the political prospects of the Democrats’ cap and trade bill. The House of Representatives approved it by a remarkably narrow margin in June — the bill would have failed if only six House members had switched their votes to “no” — and it faces significant opposition in the Senate.
Republicans estimate it would actually be closer to over $3k a year per family. And don’t forget that in addition to raising the taxes of the American people, this bill would be a surefire job-killer as well, as Sarah Palin pointed out here.
Once again, as with ObamaCare, the Senate may very well be the last line of defense between the American people and higher taxes that the Obama admin wants to use to pay for its agenda. Write your Senator today – no matter whether they are Democrat or Republican – to make sure your voice is heard on the issue of cap and tax, er, trade.