Obama Admin: Cap And Trade Could Cost Families $1,761 A Year - Taking Liberties - CBS NewsThe 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.
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.
One odd point: The document written by Jaffee includes this line: "It will raise energy prices and impose annual costs on the order of XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX." The Treasury Department redacted the rest of the sentence with a thick black line.
The Obama administration has previously said that the cap and tax bill would only raise taxes by about $175 per household. As mentioned in the CBS article, this Treasury Dept. report was obtained only by a FOI filing by the Competitive Enterprise Institute. This report should have been public knowledge as soon as it was released.
It would be very interesting to know what was redacted by Treasury and why they felt it was necessary to redact it.
Since the Treasury Dept. is estimating the costs at TEN times what Obama claimed, I predict this will be the death knell for this boondoggle. With healthcare reform taking a beating due to its high costs, Cap & Tax was on a downhill slide anyway.