CBSNews, 9/15/09: "
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."
The documents (
PDF) were
obtained under the Freedom of Information Act by the free-market
Competitive Enterprise Institute and released on Tuesday.
- 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."...
from CBSNews.com, 9/15/09, "
Obama Admin: Cap and Trade Could cost families $1761 a year," by Declan McCullagh
- (As we all know, this will sail through like everything else but be called something different than cap and trade). ed.
