White House Admits Cap-And-Trade Tax Costs Triple Their Official Estimate

I’ve already explained here on the Forum how the cap-and-trade energy tax works, and would be the biggest tax increase in the history of the country.

Now, amazingly, the White House is telling something closer to the truth about this tax hike, admitting that the official budget estimate of $646 billion, already a mighty steep price to pay, is far, far lower than the real cost...

If Furman is right that the real tax hike would be two or three times the official budget estimate—and it’s likely still a lowball—that would mean the actual tax hike would run well into the trillions, roughly between $1.3 trillion and $1.9 trillion between fiscal years 2012 and 2019 by Furman’s own estimate.

Remember that these staggering costs of $1.3 to $1.9 trillion are for just the first 8 years of a 40 year program that gets much more expensive over time.

This would be the final knock-out blow for a wobbly U.S. economy, and we can only hope that as people learn the facts they’ll oppose it strongly enough to force Congress and the White House back to the drawing board..

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image toon - OB's cap and trade short circuiting power companies