Washington, DC – Late Friday night, the Congressional Budget Office (CBO) released an analysis of the national energy taxes imposed on American families under the Waxman-Markey “cap-and-trade” scheme. This analysis shows average American households would pay $770 more per year, with costs reaching as high as $1,380 per year.
While CBO also attempted to estimate the impact of the Democrats’ new “energy stamp” welfare program, they admittedly failed to account for billions of dollars of costs in their analysis. Despite omitting those potential added costs to families, CBO stated that the Democrats’ energy stamps would still fail to fully offset higher energy costs for households earning more than about $20,000 per year
“The CBO analysis makes clear that this is a new multi-billion dollar tax on every American family,” said Ways and Means Ranking Member Dave Camp (R-MI). “This is a direct violation of the President’s pledge that families making less than $250,000 would not pay higher taxes. Speaker Pelosi needs to stop cutting back room deals in an attempt to ram through this new tax. Americans deserve to have all the facts and they deserve to have a say on this legislation, which will have an enormous negative impact on our economy.”