Obama cap and trade will cost taxpayers billions
Congress is debating many issues that affect taxpayers, but one deserves immediate attention from Minnesotans: the Senate's new cap-and-trade climate bill, a mammoth national energy tax that would crush our struggling economy.
An internal Treasury Department memo recently revealed the Obama administration knows its own cap-and-trade plan could cost taxpayers $100 billion to $200 billion annually. The Senate's scheme could be just as destructive. This is an unconscionable policy, especially for states like Minnesota that rely on carbon-intensive electricity.
The Senate legislation is also a hidden tax on the fuels Minnesotans depend on -- gasoline, diesel, jet fuel, and home heating oil. Farmers, truckers, deliverymen, and many other workers would be hit hard as a result. Perhaps most ironically, this bill will have little to no impact on reversing global warming. If it does virtually nothing to address climate change and hurts us all with higher gasoline taxes, then why is Congress even considering it?
Minnesota's businesses and consumers need to stand together against this legislation, which amounts to the largest tax hike in American history. We invite your readers to join the National Taxpayers Union's campaign to stop Congress from raising our fuel bills. Sens. Al Franken and Amy Klobuchar need to hear just how bad cap-and-trade is.
Vice President for Policy and Communications
National Taxpayers Union