Wednesday, May 27, 2009
Obama's own people say energy cap tax would charge families $4,000 per year
Energy tax proposal would devastate nation's economy
By John Kline | 5/18/2009 8:25:06 AM
In an attempt to raise federal revenue and reduce greenhouse gas emissions, the president has proposed a national energy tax known as "cap-and-trade," and less affectionately referred to as, "cap and tax." Currently being reviewed in Congress, this irresponsible proposal will drive up the price of everyday goods, strain the economy, reduce jobs, and impose a significant cost increase on every American who dares to turn on a light.
Although certain legislative details remain unclear, the plan would inflict every domestic energy producer with a tax for their carbon emissions -- a cost that inevitably will be passed on to consumers. In addition to increasing the burden on American families and businesses, it also creates a host of new federal mandates on everything from outdoor light bulbs and table lamps to water dispensers and whirlpools.
Under this national energy tax, the Massachusetts Institute of Technology (MIT) estimates Americans can expect an annual increase of $3,100 in their energy bill. The President's own budget director estimates the increase for every American family will be even higher, approximately $4,000 per year.
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