Washington DC – Senator James Inhofe (R-Okla.), Ranking Member of the Environment & Public Works Committee, called proposed global warming legislation capping greenhouse gasses “the largest tax increase in American history.” Inhofe made the remarks following yesterday's Senate hearing about the “Climate Action Partnership Report.”
“Cap and trade proposals would be the largest single tax increase in the history of
America ,” Senator Inhofe said.“While certain large companies may benefit from these schemes, the American people would be greatly harmed, particularlythe middle class, the working poor and low income families,” Senator Inhofe said.
“According to a Wharton Econometrics Forecasting Associates study, the Kyoto Protocol would cost the U.S. economy at least $300 billion dollars annually, ten times President Clinton’s 1993 record tax increase which cost $32 billion dollars,” Inhofe said. [Note: According to FactCheck.org, President Clinton’s 1993 tax increase (the Omnibus Budget Reconciliation Act) amounted to $32 billion. The Wharton Econometrics Forecasting Associates study estimated Kyoto would cost $300 billion annually and would cost 2.4 million
U.S. jobs and reduce GDP by 3.2 percent.]
See Senator Inhofe’s Opening Statement from today’s EPW Hearing: ( Link )