Treasury Docs: Cap and Trade to Cost up to $300 Billion Annually

[mrjarrell]

Treasury documents show the true cost of cap and trade. After releasing heavily redacted documents earlier in the week they had to release the whole thing. Notice that they did it on Friday, so people wouldn't notice. If you actually write or call you congress things now's the time to do it. This legislation is going to ruin the country and the economy.

From CEI:

by Christine Hall
September 18, 2009
Global Warming Cap-and-Trade Costs Could Hit $300 Billion Annually, Cost Up to Several GDP Points, US Treasury Admits

Treasury Dept Releases Un-redacted Documents Friday Afternoon

Washington, D.C., September 18, 2009―Global warming cap and trade costs could hit $300 billion annually, the Treasury Department admitted in documents released today – late in the afternoon and on the day of the Jewish New Year celebration. The same documents had been released by Treasury earlier this week but had important parts redacted. Now, the document is available in its entirety for public scrutiny.

The new information reveals that Treasury estimates that not only could cap and trade cost $300 billion annually, “domestic policies to address climate change and the related issues of energy security and affordability will involve significant costs and potential revenues, possibly up to several percentage points of annual GDP (i.e. equal in size to the corporate income tax).”

The documents were obtained by CEI Senior Fellow Christopher Horner through a Freedom of Information Act request and revealed in a Friday afternoon release after public attention to an earlier version raised questions of what the administration was hiding.

“Today's release explains why the administration initially sought to keep its internal aspirations and expectations from the public: The cost of a cap-and-trade plan to businesses and consumers will be enormous,” said Horner. "This candid perspective of what could prove to be the biggest tax increase in our nation's history now must be openly debated before the American public".

A cap-and-trade plan, as called for by President Obama, would either immediately sell all carbon dioxide emission permits or sell nearly all after a few years of giving industry most of its permits for free.

> View the Treasury Department documents

They tried to hide the truth, but now it's out. You can't stop the signal.

via The Climate Depot

 

[Huzrjim]

Yes - and my esteemed Congressman Baron Hill from the 9th District voted for Cap and Tax.

 

[bwhamilton]

yay for more taxes to pay for it!

yay for higher electricity bills!


nothin but idiots and jerks on the hill.

 

[rambone]

Treasury Docs: Cap and Trade to Cost up to $300 Billion Annually

I think they are low-balling it.

 

[mrjarrell]

I think they are low-balling it.
[/b]

Probably. Add in this, as well...

...possibly up to several percentage points of annual GDP

and the number really soars. All for a myth and lies. If they continue down this road our kids will live in a 3rd world country. The Dems and Reps are steering us into a disaster. All in the name of bipartisanship.

 

[nova512]

it hasnt passed has it?

 

[mrjarrell]

It's passed the house and just needs the senate to approve it and send it on to Obama. Sad thing is that people like McCain are right on board with this nonsense. Bipartisan madness and ignorance.

 

[WWIIIDefender]

In the Cap N Trade bill it takes all the taxes collected from CNT and deposits it directly into the world bank. This bill is the end of America as we know it. No longer will our tax dollars go towards our own interests.

 

[rambone]

That's a far cry from a tax equivalent to "one postage stamp per day per person."