US Congress climate bill - another $3.6 trillion tax

The Democrats' assault on our economy is proceeding at such a frenetic pace that what would normally be front-page news can easily be lost in the shuffle. On the back burner, for now, is Waxman-Markey, the Dems' carbon tax bill. At the Washington Times, Senators Kit Bond and Kay Hutchison remind us what a disaster the carbon tax would be: The controversial climate-change legislation winding its way through Congress will impose a massive new national gas tax on the American people. We discovered this by analyzing what the Waxman-Markey cap-and-trade bill would do to gas prices and what Americans spend on gasoline, diesel and jet fuels. We found that cap-and-trade legislation will levy a $3.6 trillion gas-tax increase that will impact every American and important segments of our economy. Only in the Age of Obama, a fiscal Armageddon of unprecedented proportion, could a $3.6 trillion tax increase be an afterthought. The rest here. And let's not forget that the emissions trading scheme here in Australia is nothing more than a tax on everything.

Posted via email from Garth's posterous