Raise your hand if you'd happily swallow a 15% hike on your income taxes! If, however, you're not eager for a tax increase call your representatives and senators and demand they oppose the proposed "cap and trade" climate change legislation currently awaiting final approval in Congress.The Obama administration has privately concluded that a cap and trade law would cost American taxpayers up to $200 billion a year, the equivalent of hiking personal income taxes by about 15 percent.
A previously unreleased analysis prepared by the U.S. Department of Treasury says the total in new taxes would be between $100 billion to $200 billion a year. At the upper end of the administration's estimate, the cost per American household would be an extra $1,761 a year.
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