Obama Administration: Cap & Trade Will Cost American Households $1,761 a Year
“Under my plan of a cap and trade system electricity rates would necessarily skyrocket. Businesses would have to retrofit their operations. That will cost money. They will pass that cost onto consumers.”
Senator Barack Obama
Speaking on Cap and Trade
San Francisco Chronicle
January 17, 2008
Barack Obama admitted last year that cap and trade legislation would cause electricity prices to skyrocket.
Obama admitted that cap and trade will likely cost $700 to $1,400 dollars per US family per year:
Obama also promised that cap and trade would decimate the coal industry.
Well, it looks like he low-balled the costs of this horrid piece of legislation.
The Obama Administration this week admitted cap and trade would actually cost American households around $1,761 a year.
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.