U.S. Treasury: Cap & Tax Will Cost You $1761


According to a just-released analysis by the Treasury Department, cap-and-trade provisions of climate change legislation up for consideration by the Senate are likely to cost American households $1,761 per year. As a whole, U.S. citizens will pay up to $200 billion annually, which is equivalent to a 15 percent hike in personal income taxes. 

The analysis was obtained this week by the Competitive Enterprise Institute under the Freedom of Information Act.

Farm Bureau remains opposed to the climate change bill narrowly passed by the House in June. As written, the bill would impose enormous costs on agriculture and other sectors of the economy. In addition, the cap-and-trade program would take effect whether or not competing nations, including India and China, adopt similar programs. It also fails to provide concrete alternative energy programs, such as nuclear, to hold down energy costs.

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