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Camp: Budget Taxes 100% of AMERICANS, Not Just 2%

February 26, 2009

Hidden $646 Billion Energy Tax to Hit Every American

Washington, DC – Ways and Means Ranking Member Dave Camp (R-MI) issued the following statement today after the White House released its budget blueprint:

“This budget taxes 100% of Americans, not just the wealthiest 2%.  The media should be embarrassed for spreading this blatant spin instead of doing the fact checking the American people deserve,” Camp said.   “The hidden taxes within the President’s budget on energy alone are staggering and will fall directly on every American worker and family.”

“These new taxes will drive up the cost of everything from your utility bills to your grocery bill.  Worse yet, the small business and investment tax hikes will increase the cost of staying in business and creating new jobs.  Those taxes will in turn be passed on to consumers.  These tax hikes may be the worst direction we could head in during a recession.”

FACT:           The President’s budget contains a new tax on carbon emissions. 

FACT:           Independent analysis from the Environmental Protection Agency (EPA), Energy 
                      Information Agency (EIA)and the Massachusetts Institute of Technology (MIT)
                      confirm a carbon tax will dramatically increase the cost of energy.

FACT:           Estimates from EPA, EIA and MIT say the cost of a gallon of gasoline could
                      increase by $1.27.

FACT:           EPA, EIA and MIT state the jump in electricity prices could be 68%.

FACT:           Every American will bear the burden of these new taxes, not just the wealthiest 2%.