Thursday, September 17, 2009

Obama Admin: Cap And Trade Could Cost Families $1,761 a Year

UPDATE: Make that $2,641 per family.
(Based upon un-redacted documents
indicating $300 billion per year, not $200 billion)

Quoting Declan McCullagh at CBS News Blogs:
“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.”
Click the image & read the rest:
Click the image & read the rest

Quoting an IBDEditorials response to this report
(I inserted the links and the bolding):

“The estimated cost of a cap-and-trade program in terms of higher energy prices has been, unsurprisingly, edited out of one of the Treasury documents. A thick black line follows the sentence that opens with ‘While such a program can yield environmental benefits that justify its costs, it will raise energy prices and impose annual costs on the order . . . .’

In two other documents [from the same PDF file], passages explaining the ‘significant costs and potential revenues’ generated by ‘domestic policies to address climate change’ were covered by black ink.

The only logical conclusion is that the figures are so staggeringly large that bureaucrats, and possibly elected officials, feel that they have to hide them from the public…

Horner has said he'll ask the courts to force the government to release the redacted references to increases in energy costs as well as other parts that have been blacked out.”

Click here for an update to this story.
Click here to learn more.

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