Treasury Department Analysis Shows Cap-and-Trade Proposal Raises Taxes on American Families
Washington, D.C.—Sen. James Inhofe (R-Okla), Ranking Member of the Senate Environment and Public Works Committee, responded to an economic analysis by the Treasury Department that President Obama’s cap-and-trade proposal violates his pledge not to raise taxes on the middle class:
“During the campaign, President Obama promised tax relief for the middle class. That was then, this is now: the President’s own economic team said his cap-and-trade proposal would cost each family $1,761 per year. To keep his promise with the middle class, the President should have changed course. Instead, he eagerly supported cap-and-trade in the House. And he continues to support it now. And if President Obama gets his way, middle class families, indeed all families, will pay more for gasoline, food, electricity, and much more.
“This revelation also raises fundamental issues of trust and transparency. Recently, I requested acomprehensive economic analysis of the Waxman-Markey cap-and-trade bill, but the Obama Administration said no. Instead, the Obama Administration told the public cap-and-trade would cost ‘less than a postage stamp a day’. Based on reams of evidence to the contrary, we knew that was false. Thanks to documents the Administration was forced to release, we also know the President didn’t believe it.
“This Administration is hiding the ball on cap-and-trade, refusing to be open and transparent with the public about its true costs. Coming from a President who promised the ‘most transparent White House in history’, one would expect a full and open debate about an issue that poses serious economic harm to American jobs and family budgets. Instead, the public is greeted with sloganeering about postage stamps and government manufactured jobs, all the while concealing evidence that cap-and-trade will cost the American economy between $100 and $200 billion a year. Here we have a pledge broken, and an honest debate denied.”