Planet Gore

The $200 Billion Bill for Cap-and-Tax

The New Hampshire Union Leader has a new editorial spotlighting the work of the Competitive Enterprise Institute in obtaining the Obama administration’s own, astronomical cost estimate for its cap-and-tax plan:

President Obama’s proposed cap-and-trade legislation could cost the American public between $100 billion and $200 billion a year. That’s not our estimate. It’s the administration’s.

Those figures came to light Tuesday only after a Freedom of Information Act request by the Competitive Enterprise Institute, a free-market think tank in Washington. CBS News reported the memo’s conclusions yesterday and calculated that the $200 billion figure would be “the equivalent of a 15 percent increase a year” in personal income taxes. The costs break down to $1,761 a year for each American household.