“Global Warming Bill to be Largest Tax Increase EVER” by Jennifer Rast

Another great post by my friend, Jennifer Rast.

Another case of ramming legislation through Congress before anyone has a chance to read or debate it. Boy, you’ve got to love that transparency we were promised.

Democrats are trying to pass Cap and Trade legislation that would basically tax air. There was a time when this would have sounded like a joke, but we should never underestimate the liberals ability to tax us to death. The bill would require businesses to purchase permits for the amount of CO2 they emit in an effort to combat the bogus global warming crisis. These costs would then be passed on to the consumer, raising all of our energy prices to astronomical levels.

The CBO released a cost estimate that is completely useless, as it focuses on the early years of the program before the more stringent restrictions and permit costs go into effect. In a footnote, the CBO cost estimate addresses the real danger to our economy when this bill passes. It reads “The resource cost does not indicate the potential decrease in gross domestic product (GDP) that could result from the cap.” Not only will our energy prices go up during a time of soaring unemployment and a financial downturn, but businesses will ultimately produce less and make less money, severely impacting the nations GDP. Businesses in this country are already taxed more than other countries around the world, hence the outsourcing Democrats are always complaining about, but that doesn’t stop them from trying the same failed policies.

Democrats claim the whole point of cap and trade is to hike the price of electricity and gas so that Americans will use less. In reality, Americans will pay more for what they buy, while cutting back on how much they buy, and businesses will have to cut back more on production or outsource to more business friendly countries. That means more job losses and less money going into the economy. That is Obama’s ultimate goal. To kill the free market system and make all of us dependent on the government. Socialism at its worst.

The Heritage Foundation estimated the REAL cost of this disastrous legislation.

When the Heritage Foundation did its analysis of Waxman-Markey, it broadly compared the economy with and without the carbon tax. Under this more comprehensive scenario, it found Waxman-Markey would cost the economy $161 billion in 2020, which is $1,870 for a family of four. As the bill’s restrictions kick in, that number rises to $6,800 for a family of four by 2035.

Thanks for the hope and change Democratic voters. Enjoy footing the bill. Here’s what you have to look forward to:

Even as Democrats have promised that this cap-and-trade legislation won’t pinch wallets, behind the scenes they’ve acknowledged the energy price tsunami that is coming. During the brief few days in which the bill was debated in the House Energy Committee, Republicans offered three amendments: one to suspend the program if gas hit $5 a gallon; one to suspend the program if electricity prices rose 10% over 2009; and one to suspend the program if unemployment rates hit 15%. Democrats defeated all of them.

Link to WSJ article

Original Link.

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