Democrats' So-Called "Cap-And-Trade" Plan = National Tax That Makes Energy Less Affordable
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DON'T BE FOOLED: "CAP-AND-TRADE" MEANS "NATIONAL ENERGY TAX"
Congressman John Dingell (D-MI): "Cap-And-Trade Is A Tax." "Nobody in this country realizes that cap and trade is a tax. And it's a great big one." (Rep. John Dingell, House Energy and Commerce Committee and House Science Committee, Joint Hearing, 4/24/09)
New York Times' Thomas Friedman: "Advocates of cap-and-trade argue that it is preferable to a simple carbon tax because it fixes a national cap on carbon emissions and it 'hides the ball' -- it doesn't use the word 'tax' -- even though it amounts to one." (Thomas L. Friedman, Op Ed, "Show Us the Ball," The New York Times, 4/8/09)
NATIONAL ENERGY TAX BY THE NUMBERS
$1200+: Annual Tax Increase For Average American Household From Cap-And-Trade. "The study shows that a cap-and-trade system designed to reduce greenhouse gas emissions by 15 percent would place an annual burden of $144.8 billion on American households. The average annual household burden would be $1,218, which would be approximately 2% of the average household income." (Andrew Chamberlain, "Who Pays for Climate Policy? New Estimates of the Household Burden and Economic Impact Of A U.S. Cap-And-Trade System," Tax Foundation Working Paper #6, 3/16/09)
$2 Trillion: Total Tax Burden Under Obama Cap-And-Trade Proposal Over Next Eight Years. "It now looks like the White House low-balled revenue estimates (actually costs to business and consumers) from his cap-and-trade carbon plan. Instead of $646 billion over eight years, it may cost $2 trillion." (James Pethokoukis, "Will Cap-and-Trade Cost You $2 Trillion?" US News And World Report's "Capital Commerce" Blog, www.usnews.com, 3/18/09)
WHO WILL BE HIT HARDEST BY THE NATIONAL ENERGY TAX?
LOW-INCOME HOUSEHOLDS: "Price increases would be essential to the success of a cap-and-trade program because they would be the most important mechanism through which businesses and households would be encouraged to make investments and behavioral changes that reduced CO2 emissions. Those increases, however, would impose a larger burden, relative to their income, on low-income households than on high-income households." (Terry Dinan, CBO Senior Advisor, "The Distributional Consequences of a Cap-and-Trade Program for CO2 Emissions," Testimony before the Subcommittee on Income Security and Family Support House Committee on Ways and Means, 3/12/09)
SENIORS AND YOUNG ADULTS: "In total, households would face an annual burden of roughly $144.8 billion per year with costs disproportionately borne by ... those under age 25 and over 75 years ..." (Andrew Chamberlain, "Who Pays For Climate Policy? New Estimates of the Household Burden and Economic Impact of a U.S. Cap-and-Trade System," Tax Foundation Working Paper #6, 3/16/09)
AMERICAN FARMERS: "Worst of all is what happens to farmers' net income. Farmers live off their gross income; what they earn in addition to that is their net income or marginal income. Waxman-Markey significantly shrinks farmers' net income pie. Farm income is expected to drop $8 billion in 2012, $25 billion in 2024, and over $50 billion in 2035. These are decreases of 28%, 60% and 94% from the baseline, respectively." (Nick Loris, "For Farmers, Cap and Trade is a Permanent Drought Season," The Heritage Foundation's "The Foundry," 6/9/09)
TAXING YOUR LIGHTS OUT: "CAP-AND-TRADE" WILL MAKE ENERGY MUCH MORE EXPENSIVE
CBO Says National Energy Tax Will Hit Consumers, Not Corporate Profits. "Under a cap-and-trade program, firms would not ultimately bear most of the costs of the allowances but instead would pass them along to their customers in the form of higher prices. Such price increases would stem from the restriction on emissions and would occur regardless of whether the government sold emission allowances or gave them away." (Terry Dinan, CBO Senior Advisor, "The Distributional Consequences of a Cap-and-Trade Program for CO2 Emissions," Testimony before the Subcommittee on Income Security and Family Support House Committee on Ways and M eans, 3/12/09)
Democrats Admit National Energy Tax Will Raise Electricity Bills. "[S]everal Democratic aides noted that with the economy in a deep recession, many vulnerable Democrats might be loath to vote for anything that could be blamed for higher utility bills. 'With the economy the way that it is, I don't know that there's going to be the stomach to pass a bill that might raise people's utility and gas rates,' one Senate Democratic staffer said."(Emily Pierce & Steven T. Dennis, "House Climate Bill Facing Senate Headwinds," Roll Call, 5/18//09)
Energy Costs Would Skyrocket In Rural Areas. "Rural electric cooperatives, vestiges of a New Deal-era campaign to provide power to rural America, have started to lobby against the House climate change bill by stressing that it would raise electricity costs in certain states more than in others." (Jim Snyder, "Rural Co-Ops Target Climate Bill," The Hill, 6/10/09)
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A Product Of The RNC Research Department
______________________________________________________________________
DON'T BE FOOLED: "CAP-AND-TRADE" MEANS "NATIONAL ENERGY TAX"
Congressman John Dingell (D-MI): "Cap-And-Trade Is A Tax." "Nobody in this country realizes that cap and trade is a tax. And it's a great big one." (Rep. John Dingell, House Energy and Commerce Committee and House Science Committee, Joint Hearing, 4/24/09)
New York Times' Thomas Friedman: "Advocates of cap-and-trade argue that it is preferable to a simple carbon tax because it fixes a national cap on carbon emissions and it 'hides the ball' -- it doesn't use the word 'tax' -- even though it amounts to one." (Thomas L. Friedman, Op Ed, "Show Us the Ball," The New York Times, 4/8/09)
NATIONAL ENERGY TAX BY THE NUMBERS
$1200+: Annual Tax Increase For Average American Household From Cap-And-Trade. "The study shows that a cap-and-trade system designed to reduce greenhouse gas emissions by 15 percent would place an annual burden of $144.8 billion on American households. The average annual household burden would be $1,218, which would be approximately 2% of the average household income." (Andrew Chamberlain, "Who Pays for Climate Policy? New Estimates of the Household Burden and Economic Impact Of A U.S. Cap-And-Trade System," Tax Foundation Working Paper #6, 3/16/09)
$2 Trillion: Total Tax Burden Under Obama Cap-And-Trade Proposal Over Next Eight Years. "It now looks like the White House low-balled revenue estimates (actually costs to business and consumers) from his cap-and-trade carbon plan. Instead of $646 billion over eight years, it may cost $2 trillion." (James Pethokoukis, "Will Cap-and-Trade Cost You $2 Trillion?" US News And World Report's "Capital Commerce" Blog, www.usnews.com, 3/18/09)
WHO WILL BE HIT HARDEST BY THE NATIONAL ENERGY TAX?
LOW-INCOME HOUSEHOLDS: "Price increases would be essential to the success of a cap-and-trade program because they would be the most important mechanism through which businesses and households would be encouraged to make investments and behavioral changes that reduced CO2 emissions. Those increases, however, would impose a larger burden, relative to their income, on low-income households than on high-income households." (Terry Dinan, CBO Senior Advisor, "The Distributional Consequences of a Cap-and-Trade Program for CO2 Emissions," Testimony before the Subcommittee on Income Security and Family Support House Committee on Ways and Means, 3/12/09)
SENIORS AND YOUNG ADULTS: "In total, households would face an annual burden of roughly $144.8 billion per year with costs disproportionately borne by ... those under age 25 and over 75 years ..." (Andrew Chamberlain, "Who Pays For Climate Policy? New Estimates of the Household Burden and Economic Impact of a U.S. Cap-and-Trade System," Tax Foundation Working Paper #6, 3/16/09)
AMERICAN FARMERS: "Worst of all is what happens to farmers' net income. Farmers live off their gross income; what they earn in addition to that is their net income or marginal income. Waxman-Markey significantly shrinks farmers' net income pie. Farm income is expected to drop $8 billion in 2012, $25 billion in 2024, and over $50 billion in 2035. These are decreases of 28%, 60% and 94% from the baseline, respectively." (Nick Loris, "For Farmers, Cap and Trade is a Permanent Drought Season," The Heritage Foundation's "The Foundry," 6/9/09)
TAXING YOUR LIGHTS OUT: "CAP-AND-TRADE" WILL MAKE ENERGY MUCH MORE EXPENSIVE
CBO Says National Energy Tax Will Hit Consumers, Not Corporate Profits. "Under a cap-and-trade program, firms would not ultimately bear most of the costs of the allowances but instead would pass them along to their customers in the form of higher prices. Such price increases would stem from the restriction on emissions and would occur regardless of whether the government sold emission allowances or gave them away." (Terry Dinan, CBO Senior Advisor, "The Distributional Consequences of a Cap-and-Trade Program for CO2 Emissions," Testimony before the Subcommittee on Income Security and Family Support House Committee on Ways and M eans, 3/12/09)
Democrats Admit National Energy Tax Will Raise Electricity Bills. "[S]everal Democratic aides noted that with the economy in a deep recession, many vulnerable Democrats might be loath to vote for anything that could be blamed for higher utility bills. 'With the economy the way that it is, I don't know that there's going to be the stomach to pass a bill that might raise people's utility and gas rates,' one Senate Democratic staffer said."(Emily Pierce & Steven T. Dennis, "House Climate Bill Facing Senate Headwinds," Roll Call, 5/18//09)
Energy Costs Would Skyrocket In Rural Areas. "Rural electric cooperatives, vestiges of a New Deal-era campaign to provide power to rural America, have started to lobby against the House climate change bill by stressing that it would raise electricity costs in certain states more than in others." (Jim Snyder, "Rural Co-Ops Target Climate Bill," The Hill, 6/10/09)
PDF Format
A Product Of The RNC Research Department
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