 Massive Energy Tax Increase
The “cap-and-trade” national energy tax increase would possibly be the largest in American history, causing electricity and gas prices to skyrocket.
The US House of Representatives voted on H.R. 2454, the so-called Waxman-Markey climate change bill. The bill passed the House by a very narrow vote. It will be very important to watch this legislation as it moves through the Senate. This regulatory scheme could also create massive new taxes and hurt lower income citizens disproportionately.
The legislation includes “cap-and-trade” regulations for trading permits to emit greenhouse gases, as well as the Democratic leadership’s addition of a provision which will impose steep tariffs on trading partners if they don’t adopt massive “green” regulations of their own.
Projections to consider if this bill passes:
· Destroy an average of 1 to 3 million jobs, every year.
· Raise electricity rates 90 percent after adjusting for inflation.
· Raise inflation-adjusted gasoline prices by 74 percent.
· Raise residential natural gas prices by 55 percent.
· Increase the federal debt by 26 percent or $29,150 per person.
· Reduce aggregate gross domestic product (GDP) by $9.6 trillion.
Regardless of your position on GLOBAL WARMING, with so many businesses and individuals already suffering from one of the worst RECCISSIONS in our history, we simply believe that the timing of this bill could push us deeper into trouble from an economy standpoint.
Call your Senator today and make sure that your comments are heard on this important issue.
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