Thanks to the intrepid work of the Competitive Enterprise Institute, a Washington DC-based think tank, the government’s cost estimates of its cap-and-trade bill have been uncovered. (disclosure: I interned at CEI for a summer.)
From CBS News:
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.”
At a time of rising prices in an already-strained economy, is this really the time to hit American families with new taxes? The President promised he would not raise taxes on families making less than $250,000 per year… so much for that.