Wow: Treasury says Cap and Trade to cost $100-200 Billion in new taxes
Posted by Bill Dupray
on Sep 15 2009 Filed under Politics.
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I wouldn’t exactly call this a positive development for Obama’s green agenda. Now you know why we have called it ‘Cap and Tax.’
From the Washington Examiner.
Officials at the Treasury Department think cap-and-trade legislation would cost taxpayers hundreds of billion in taxes, according to internal documents circulated within the agency and provided to The Washington Times.
These estimates were made in Treasury memos, obtained by the Competitive Enterprise Institute through a Freedom of Information Act request that sought information related to proposals originated by Treasury involving “cap-and-trade schemes” that deal with “carbon,” “carbon dioxide” or “greenhouse gases.” The memos were given to The Times by CEI.
The House narrowly passed cap-and-trade legislation earlier this year, and now the Senate stands poised to take up its version of the bill at any time, although it has been largely overshadowed by health care reform efforts. The ultimate cost of the bill to taxpayers has been the subject of fierce debate between supporters and opponents of the legislation. CEI, a free-market think tank that opposes the bill, thinks the Treasury documents prove the legislation would pose a significant burden to the economy.
A memo prepared by Judson Jaffe, who works in the Treasury’s Office of Environment and Energy, referenced President Obama’s remarks on energy policy in his State of the Union Address and said, given the president’s plan to auction emissions allowances, “a cap-and-trade program could generate federal receipts on the order of $100 to $200 billion annually.”
Well, we knew all along that the debate over the cost was not really a debate at all. It was one side who knew for a fact what the thing was, and the other side was lying through their teeth trying to control every industry in the country in the name of a hoax. The beautiful thing about it is that it is Obama’s own Treasury Department who came up with the numbers. Now all they can do is spin the issue in an attempt to polish this turd. And we all know that a turd won’t take a shine.
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