Cap-and-Trade is a Tax

Recently, the non-partisan Congressional Budget Office (CBO) released its analysis of the House Democrats’ cap-and-trade energy bill and found that it will result in $846 billion in new energy taxes that will affect every single American.

Congressman Dave Camp, ranking Republican on the House Ways and Means Committee laid the case out very clearly as to what this energy tax means for middle-class America:

“The President has repeatedly stated married couples earning less than $250,000 a year would not face higher taxes, but this legislation imposes an energy tax on every American and provides no help to families making more than $42,000 or individuals making as little as $23,000. Increasing Americans’ fuel and utility bills in this recession is not only bad policy, but it completely ignores the hardships millions of Americans are already facing. This is dangerous legislation in desperate need of closer review.”

If that wasn't bad enough, Bloomberg has reported that the Democrats' cap-and-trade energy tax will raise gas prices by 77 cents.

I think it's safe to say that President Obama's campaign rhetoric is catching up to him. Rather than prospering, all Americans are being hit hard by the reckless policies being practiced in Washington.