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Treasury Admits Cap and Trade is a Massive Tax
Posted By Nicolas Loris On September 16, 2009 @ 12:04 pm In Energy and Environment | 10 Comments
Thanks to the relentless work of Christopher Horner at the Competitive Enterprise Institute , U.S. Department of Treasury admitted cap and trade would be a tax that could generate revenue between $100 billion to $200 billion a year. Horner obtained the information from the Treasury by using the Freedom of Information Act. Horner says ,
These are candid, internal discussions of what they are telling each other and what they won’t tell you. The words cap and trade were chosen for a reason, and that is to avoid a vote on tax. This memo tells you it’s a tax. Why else are they discussing hundreds of billions of revenue to be taken from the taxpayer?”
The energy tax amounts to $1,761 a year for families – “the equivalent of hiking personal income taxes by about 15 percent” as stated by Declan McCullagh of CBSNews. Horner writes that the Treasury memo offers much more, including :
the admission that cap-and-trade would cause the loss of steel, paper, aluminum, chemical, and cement manufacturing jobs which, as happened under Europe’s scheme, tend to export themselves to saner environments. Windfall profits under the scheme of allocating the ration coupons, the Waxman-Markey approach, are also admitted to.”
These admissions are akin to our economic analysis of the Waxman-Markey cap and trade bill where we found:
And according to climatologists, all of these costs will be paid for no more than a 0.2 degree (Celsius) moderation in world temperature increases by 2100, and no more than a 0.05 degree reduction by 2050.
“Heritage is saying publicly what the administration is saying to itself privately,” says Horner.
Article printed from The Foundry: Conservative Policy News Blog from The Heritage Foundation: http://blog.heritage.org
URL to article: http://blog.heritage.org/2009/09/16/treasury-admits-cap-and-trade-is-a-massive-tax/
URLs in this post:
 Competitive Enterprise Institute: http://cei.org/
 says: http://washingtontimes.com/news/2009/sep/15/hot-button-66717172/?feat=home_columns
 as stated by : http://news.cnet.com/8301-13578_3-10354179-38.html
 including: http://planetgore.nationalreview.com/post/?q=YTgyZDlkMWY2M2NhMGQ1NTliNWMwNWM4YTA0NGFiYWE=
 our economic analysis of the Waxman-Markey cap and trade bill : http://www.heritage.org/Research/EnergyandEnvironment/cda0904.cfm
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