White House: Cap and trade could cost average family over $1,760 a year
Via CBS:
The Obama administration has privately concluded that a cap and trade law would cost American taxpayers up to $200 billion a year, the equivalent of hiking personal income taxes by about 15 percent.The key part is at the very beginning. "The Obama administration has privately concluded ..." In June, the CBO released an incomplete study, which proponents used to claim cap and trade would only cost families $175 a year.
A previously unreleased analysis prepared by the U.S. Department of Treasury says the total in new taxes would be between $100 billion to $200 billion a year. At the upper end of the administration's estimate, the cost per American household would be an extra $1,761 a year.
A second memorandum, which was prepared for Obama's transition team after the November election, says this about climate change policies: "Economic costs will likely be on the order of 1 percent of GDP, making them equal in scale to all existing environmental regulation."
When did the Obama administration know the true cost? Before Obama was even in the White House.
Hey, at least government officials are telling each other the truth.
(h/t Hotair)
