From Newt Gingrich’s American Solutions 527:
Cap and trade amounts to an enormous energy tax on all Americans.
That is the conclusion of the Obama Administration’s own Department of Treasury according to a previously unreleased memorandum. Treasury states that the administration’s energy tax proposal would cost as much as $200 billion, or $1,761 per household per year.
This is equivalent to raising personal income taxes by 15%, and is equal to the costs of all existing environmental regulations. So much for the promise of not raising taxes on the middle class.
This is a lot more than the flawed talking points parroted by energy tax supporters that it will cost “less than a postage stamp per day,” unless the Post Office plans to jack its rates from 44 cents per stamp to more than $4 per stamp.
Be sure to sign the Stop the Energy Tax petition today to stand up against this massive new energy tax.