Dem's Cap & Trade Bill Is $3.6 Trillion Gas Tax Too
Dem’s Cap and Trade Bill Is a 3.6 Trillion Dollar Gas Tax Too
Democrats know their cap and trade energy legislation will cripple the US economy. Barack Obama admitted this on the campaign trail in 2008 saying the program “would cause energy prices to skyrocket.” Obama also promised an audience of supporters that cap and trade would bankrupt the coal industry. White House Budget Director Peter Orszag told George Stephanopoulos in a March 2009 interview that Obama’s proposed cap and trade energy legislation would increase energy costs for everyone. Democratic Congressman John Dingell (D-MI) summed up cap and trade at a Congressional hearing on April 24th saying, “It’s a Great Big Tax.”
Cap and trade policies will likely cost Americans $700 to $1,400 dollars per family per year. The Department of Energy estimated GDP losses would be between $444 billion and $1.308 trillion over the 21-year period. Cap and trade also could cost the US 4 million jobs.
But that’s not all. Cap and trade would also mean a massive new national gas tax on American families and American business. Cap and trade legislation will drive up the prices of gasoline, diesel and jet fuel. Higher fuel costs will feel like a new gas tax that will hit consumers at every income level, in every state, in every field of transportation and manufacturing.
Senators Kit Bond (R-MO) and Kay Bailey Hutchison (R-TX) released a report this week on the massive new national gas tax on American families and businesses as a result of the Waxman-Markey cap and trade legislation…
The US Senate starts deliberating on the democrat’s junk science tax today in committee.
UPDATE: Sarah Palin wrote about America’s energy future today and asked, “Petroleum is a major part of America’s energy picture. Shall we get it here or abroad?”