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September 16 2009

Squeezing Blood from a Stone

Nicole Kurokawa Neily

 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.

Independent Women’s Forum’s mission is to improve the lives of Americans by increasing the number of women who value free markets and personal liberty. Sister organization of Independent Women’s Voice.
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