Punishing The Poor, Middle Class and Small Business - AGAIN
Washington, DC – Data released today by the House Committee on Ways and Means demonstrates that every state in the Union – and every American – will be hit hard by a new and highly regressive “Cap and Trade” tax.
The President’s recently-released budget imposes a $3.01 billion tax on Utahns. On a per capita basis, each Utahn will be hit with $1,115.47 in new taxes on their electricity bill alone. Families will be hit even harder. The data show this new tax will increase the average Utah family’s (3.08 people/household) annual electricity bill by $3,435.65 or by nearly $290 per month. While other energy costs are low as a result of the recession, all energy costs will increase as the Administration increases the velocity of its frontal assault on American energy security.
At a recent congressional hearing on energy consumption, Mr. Howard Gruenspecht, an expert witness from the Energy Information Agency (EIA), a non-partisan federal agency dealing with energy issues, was asked what percent of Americans consume some form of energy. He replied: “All of them.” Further, he was also asked what percent of Americans would be impacted by a cap and trade tax. His answer: “Probably all of them.”
Emphasis mine. Congressman Mike Pence had this to say on the subject.
"The President's energy policy is yet another example that his budget taxes too much. Buried beneath the promise to not raise taxes on 95 percent of Americans is a ‘light switch tax' that will impact every working family at a time when many are struggling to make ends meet. Raising the costs of energy by up to $3,100 on every American household will have a devastating impact on our nation's families and small businesses.
"Americans vividly remember the days of spending more than $4 for a gallon of gas. The President's misguided energy policies will limit supply and ensure that high prices are the way of the future. Rest assured, House Republicans will continue to fight for energy independence."
The ranking Republican on the House Ways and Means Committee brought out this table.
Annual Increase in Electricity Costs
(based on the Stern Review's recommended carbon price of $85 per ton)
An economic staffer to the Obama Administration admitted to a group of Senators that the Administration's Cap and Tax plan will net the government ALMOST $2TRILLION in additional revenue to the government over 8 years.
President Obama's climate plan could cost industry close to $2 trillion, nearly three times the White House's initial estimate of the so-called "cap-and-trade" legislation, according to Senate staffers who were briefed by the White House.
A top economic aide to Mr. Obama told a group of Senate staffers last month that the president's climate-change plan would surely raise more than the $646 billion over eight years the White House had estimated publicly, according to multiple a number of staffers who attended the briefing Feb. 26.
"We all looked at each other like, 'Wow, that's a big number,'" said a top Republican staffer who attended the meeting along with between 50 and 60 other Democratic and Republican congressional aides.
Emphasis mine. A big number that will be passed on to you the consumer. What will also be passed on to consumers is the additional cost of manufacturing goods and shipping goods. Every business that uses electricity will pass on a portion of their increased costs to their customer's as well. Any business that uses electricity will pass this additional cost of doing business on to the consumer! Think about that the next time you go to the grocery store or to buy clothes for your kids!
So are you ready to pay an extra $3400+ a year for light and heat? Because if the President has his way - you will be paying that very, very soon.
Labels: Cap And Trade, President Obama
posted by The Lady Logician at
12:28 PM
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