Well, Obama's first 100 days is full of accomplishments! Of course even I never believed that he could so quickly accomplish the dismantling of the free enterprise system and the increase of spending that will most surely require the Federal Government to become a more complete nanny state.
The increase of energy costs through the President's Cap and Tax proposal is astonishing in its "take no prisoners" effect on ALL persons. This may be the most regressive tax possible and will cost the average household in Utah and Extra $290 per month in energy costs. This is remarkable its face, but in light of Obama's pledge to only tax the rich, it is just downright dishonest.
The following is the press release sent last week by Utah Republican Congressmen Bishop and Chaffetz... click on the title for the link or read below.
Obama Administration's "Cap and Tax" Proposal: Bishop and Chaffetz Opposed to $3.01 Billion Tax Increase on Utahns
March 26, 2009 4:48 PM
Washington, DC – Data released today by the House Committee on Ways and Means demonstrates that every state in the Union – and every American – will be hit hard by a new and highly regressive “Cap and Trade” tax.
The President’s recently-released budget imposes a $3.01 billion tax on Utahns. On a per capita basis, each Utahn will be hit with $1,115.47 in new taxes on their electricity bill alone. Families will be hit even harder. The data show this new tax will increase the average Utah family’s (3.08 people/household) annual electricity bill by $3,435.65 or by nearly $290 per month. While other energy costs are low as a result of the recession, all energy costs will increase as the Administration increases the velocity of its frontal assault on American energy security.
At a recent congressional hearing on energy consumption, Mr. Howard Gruenspecht, an expert witness from the Energy Information Agency (EIA), a non-partisan federal agency dealing with energy issues, was asked what percent of Americans consume some form of energy. He replied: “All of them.” Further, he was also asked what percent of Americans would be impacted by a cap and trade tax. His answer: “Probably all of them.”
Since everyone in America consumes energy, then everyone in America will suffer the consequences of the Obama Administration’s foolhardy proposal to regulate climate change through so-called “Cap and Trade (Tax)” policies. The Administration’s proposal will not only further cripple the economy, it will impose a crushing energy consumption tax on every man, woman, and child in the United States.
In response to this proposal, Congressman Jason Chaffetz said, “With so many individuals already living on the margins, this massive new tax increase will destroy our hope of recovering from the current recession. The financial security of all Americans will be jeopardized if this tax is enacted. Now is not the time to increase taxes, nor is this the way. Despite the President’s assurances that 95 percent of Americans will not see their taxes increase by one dime, the numbers clearly show his plan will actually increase taxes on 100 percent of Americans.”
Congressman Rob Bishop said, "Cap and Tax would be a tremendous burden on all Utahns, but thankfully it is not the only option we have to reach clean air goals. The Western Caucus will introduce other, better options for Congress that meet clean air goals without raising energy costs for all Americans. There are better ways, and we will fight for them."
Ranking Member Camp’s Statement:
Committee on Ways and Means Republicans
Dave Kamp, Ranking Republican
New Analysis Shows Massive Spike in Electricity Prices Under Cap-and-Tax (a.k.a Cap-and-Trade)
Washington, DC – Ways and Means Ranking Member Dave Camp (R-MI) issued the following statement during today’s committee hearing addressing price volatility in climate change legislation. The graph below shows the state-by-state analysis of annual increases in electricity costs that would occur under a 100% auction, as President Obama has called for, to meet his target carbon emission reductions:
“As the data suggests, in almost every case, cap-and-tax increases electricity rates and causes hardships for American families. In the past, providing incentives for renewable and alternate forms of energy has worked at lowering emissions. Congress should not resort to using penalties of an unproven cap-and-tax system that only serves to put millions of Americans out of work and skyrocket the cost of electricity for American families.” To read Rep. Camp’s full statement from today’s hearing on “Addressing Price Volatility in Climate Change Legislation” click here.
Annual Increase in Electricity Costs(based on the Stern Review's recommended carbon price of $85 per ton)
Cost at 100% Auction
Increase in Electricity Costs per Capita
.District of Columbia
Source: Committee on Ways & Means Republican Staff analysis