Senate debates new energy taxes and regulations
Tuesday, June 3rd, 2008This week, the Senate will be debating the Lieberman/Warner “cap and trade” bill. If it passes, it will be a disaster for the U.S. economy. As Senator James Inhofe points out in today’s Wall Street Journal,
“The Lieberman-Warner bill (America’s Climate Security Act) represents the largest tax increase in U.S. history and the biggest pork bill ever contemplated with trillions of dollars in giveaways. Well-heeled lobbyists are already plotting how to divide up the federal largesse.”
The legislation would cause each gallon of gas to cost around 50 cents extra. With gas prices already skyrocketing, it is unbelievable that the Senate would be debating a bill with such a high price tag for consumers and taxpayers. To make matters worse, the bill would also cause a massive loss of GDP and redistribute money from those on the bottom of the income ladder to those at the top.
A recent CBO report found: “Most of the cost of meeting a cap on CO2 emissions would be borne by consumers, who would face persistently higher prices for products such as electricity and gasoline. Those price increases would be regressive in that poorer households would bear a larger burden relative to their income than wealthier households.”
If you haven’t done so already, please call your Senators and ask them whether they support new massive taxes on energy at a time of economic uncertainty and high fuel and food prices. If so, they should not get your vote this fall.
