Obama Administration: Cap and Trade Could Cost Families $1,761 Per Year
David Sessions
Washington Reporter
Posted:
09/16/09
Newly released Treasury documents show that cap-and-trade energy legislation could cost some American families $1,761 a year in new taxes. An analysis of the proposed environmental legislation, obtained under the Freedom of Information Act by the Competitive Enterprise Institute, estimates that cap and trade will require about $100 billion to $200 billion in new taxes, or 1 percent of the nation's GDP.
The Treasury's estimate falls in the middle of the disparate predictions other lawmakers and analysts have made. House Republican leader John Boehner estimates $3,100 per year in new taxes per family, while Democrats supporting the bill looked to MIT estimates of $800 per family. The conservative Heritage Foundation estimated that families would see their energy costs rise $1,500 per year.
A $200 billion tax increase would be the equivalent of the federal income tax rising by 15 percent per year.
Obama Admin: Capt and Trade Could Cost Families $1,761 A Year [Taking Liberties]
The Treasury's estimate falls in the middle of the disparate predictions other lawmakers and analysts have made. House Republican leader John Boehner estimates $3,100 per year in new taxes per family, while Democrats supporting the bill looked to MIT estimates of $800 per family. The conservative Heritage Foundation estimated that families would see their energy costs rise $1,500 per year.
A $200 billion tax increase would be the equivalent of the federal income tax rising by 15 percent per year.
Obama Admin: Capt and Trade Could Cost Families $1,761 A Year [Taking Liberties]