Surprise! If President Obama and Democrats get their way, the middle class will lose a big chunk of their income because of cap-and-trade. Here’s part of CBS’s report on the latest analysis , which the federal government didn’t want the public to see, but the Competitive Enterprise Institute forced out of them:
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.”
For those of you who think “well one percent of GDP is an okay price for saving the planet,” remember that this effort is also predicted to have little effect on overall carbon emissions and almost zero affect on global temperatures. Let’s hope policymakers take a pass on this one…