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CBO Report on Cap-and-Tax Bill: Higher Taxes, Lost Jobs, Lower Wages
June 8, 2009

Contact: Matt Dempsey Matt_Dempsey@epw.senate.gov (202)224-9797

WASHINGTON, DC – Sen. James Inhofe (R-Okla.), Ranking Member of the Environment and Public Works Committee, today commented on the Congressional Budget Office (CBO) cost estimate for the Waxman-Markey global warming cap-and-trade bill.  

“This bill undermines President Obama’s campaign pledge to cut taxes for middle class taxpayers,” Sen. Inhofe said.  “The CBO analysis reveals that cap-and-tax legislation would destroy American jobs, lower wages, and impose a massive tax increase on middle class families over the next 10 years.  As we look to jump start the economy, the last thing Washington should do is impose the largest tax increase in history on consumers. As is always the case with cap-and-tax, the more that is exposed, the more likely the American people will reject it.”

 

Related:

 

EPW POLICY BEAT: GIVE AND TAKE

 

Washington Post Urges Congress to Read Bill That Would “Reshape America's Economy in Dozens of Ways that Many Don't Realize.” 

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June 2009 Press Releases

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