CBS News reports: “Obama Admin: Cap And Trade Could Cost Families $1,761 A Year” Documents made available through the Freedom of Information Act reveal that:
“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.”
That publication of an honest administration assessment of the real cost of a bill that clearly would not meet any of its purported environmental goals should hopefully bury congressional efforts to create the largest corporate welfare program in the history of the country.
One also has to wonder about all the promises regarding government transparency we heard from President Obama in the campaign just a year ago. Why weren’t these assessments made honestly and publicly when Congress was debating the Waxman Markey bill earlier in the summer? It is sad to see a presidency started on such high hopes be squandered by the arrogance of those in the administration who disregard the President’s promises in order to advance a poorly conceived policy that makes no sense at all from either an environmental or economic perspective.
Perhaps soon Congress will get serious and start considering a real solution to all the problems caused by our fossil fuel addiction – a revenue neutral carbon tax that simultaneously reduces regressive payroll taxes, providing both an economic stimulus and a sensible environmental solution, with no additional burden on tax payers or our national debt.