NRCC - ICYMI: Cap and Tax: It's a Doozy

“Obama's proposed cap-and-trade legislation could cost the American public between $100 billion and $200 billion a year. That's not our estimate. It's the administration's . . . .CBS News reported the memo's conclusions yesterday and calculated that the $200 billion figure would be "the equivalent of a 15 percent increase a year" in personal income taxes . . . .Carol Shea-Porter voted for this massive tax hike. Shea-Porter wrote in July, ‘This bill will not raise household electricity rates by thousands of dollars.’”

 

Cap and Tax: It's a Doozy

Manchester Union Leader Editorial

September 17, 2009

 

President Obama's proposed cap-and-trade legislation could cost the American public between $100 billion and $200 billion a year. That's not our estimate. It's the administration's.

Those figures came to light Tuesday only after a Freedom of Information Act request by the Competitive Enterprise Institute, a free-market think tank in Washington. CBS News reported the memo's conclusions yesterday and calculated that the $200 billion figure would be "the equivalent of a 15 percent increase a year" in personal income taxes. The costs break down to $1,761 a year for each American household.

Those costs are astronomical. It's no wonder the administration refused to release them. Except, this President promised a completely open and transparent administration.

Pushing cap-and-trade while hiding the costs is neither open nor transparent, but it works on members of Congress. Reps. Paul Hodes and Carol Shea-Porter voted for this massive tax hike. Shea-Porter wrote in July, "This bill will not raise household electricity rates by thousands of dollars."

Oops. Too bad she, and we, can't get a do-over.

To read the full article, click here.