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."
The documents (PDF) were obtained under the Freedom of Information Act by the free-market Competitive Enterprise Institute and released on Tuesday.
So, the White House's numbers project nearly $1,800 a year in new taxes for each household. Given that government estimates are never even close to accurate, this has to scare anyone who isn't a extreme environmental wacko.
John Podesta and the Extreme Left Center for American Progress got their collective panties in a wad over the story. Declan McCullagh followed up his original story on the CBS blog.
Cap-and-Trade barely passed the House and will have big trouble getting through the Senate. Public outcry after the House vote makes it unlikely a conference bill can be successful. However, it is time to crank up the phone calls, letters, and emails once again. Cap-and-Trade is just another front of the Left's war on capitalism, prosperity and freedom.