Cap and Tax Vote Tomorrow; Act Now to Save Jobs and Money

Would you like to pay an extra $4600/year for your energy usage?

Well, that’s what some estimate it will cost you if the Cap and Trade Bill, also known as the Waxman-Markey Clean Energy bill, is passed in the House of Representatives tomorrow. If this bill is passed, everyone in America who uses electricity, and factories with ‘unclean’ energy, will get a tax smack right in their wallets. It stands to reason that this regressive bill will also force some companies to lay off employees to fund ‘clean’ energy. Some put the loss of jobs at 800,000 if the Waxman-Markey Clean Energy bill passes tomorrow. 800,000 people unemployed, all in the name of clean energy? Higher taxes levied on all Americans who use ‘unclean’ energy….like electricity? Hmmm. Does that sound like a good idea?

Obama makes no attempt to say anything differently in this video where the San Francisco Chronicle questions him about Cap and Trade. “Under my plan of a cap and trade system, electricity rates would necessarily skyrocket,” Obama said.

I posted about the Cap and Tax, as it is sarcastically but accurately called, back in March. Wednesday, legendary investor Warren Buffett called the Waxman-Markey Clean Energy bill a “huge tax” and “a fairly regressive tax” on CNBC, and described it as a bill in which “an awful lot of people…. they’re going to pay a lot more money for electricity.”

The Heritage Foundation calls into question the low $175/household cost touted by Democrats supporting Cap and Trade.

Both the CBO’s analysis and the subsequent legislation are troubled: The analysis grossly underestimates economic costs while the legislation will have virtually no impact on climate. Overall, there are a number of basic problems with CBO’s analysis:

• Their allowance cost numbers do not add up;

• They ignore economic costs such as the decrease in gross domestic product (GDP) as a result of the bill; and

• The analysis is an accounting analysis, not an economic analysis.

Even more troubling is the rising cost of this regressive tax over time. The Heritage Foundation’s analysis on the Cap and Trade’s cost to families:

It is also worth noting that, of the 24 years analyzed by The Heritage Foundation’s Center for Data Analysis (CDA), 2020 had the second lowest GDP loss. Furthermore, the CDA found that for all years the average GDP loss was $393 billion, or over double the 2020 hit. In 2035 (the last year analyzed by Heritage) the inflation adjusted GDP loss works out to $6,790 per family of four–and that is before they pay their $4,600 share of the carbon taxes. The negative economic impacts accumulate, and the national debt is no exception. The increase in family-of-four debt, solely because of Waxman-Markey, hits an astounding $114,915 by 2035.

This bill is a huge tax, plain and simple. While we are struggling to make ends meet in the Great Recession, House Speaker Nancy Pelosi plans on putting the Cap and Trade bill up for a vote tomorrow, June 26.  If this bill passes, it goes on to the Senate.  Heaven help us if this regressive bill becomes law.

If you don’t want your electricity rates to skyrocket, shouldn’t you make your voice heard?

Source of Videos: YouTube