Did the CBO Underestimate the Cost of the Waxman-Markey Energy Tax?

by William Yeatman on June 23, 2009

Before the House of Representatives votes on the Waxman-Markey Clean Energy and Security bill (a.k.a, the “biggest tax increase in the history of mankind”), members of Congress should know how much the legislation would cost American consumers in the form of higher energy prices. To that end, the Congressional Budget Office recently “scored” the Waxman-Markey energy tax, and it found that the bill would cost a seemingly affordable $175 per household. The green lobby rejoiced-this was just the “proof” it needed to convince legislators wary of a voting for a politically dangerous tax hike.

But is the CBO’s figure reliable? According to the Heritage Foundation, the Congress is getting conned by the CBO, which “grossly” underestimated the costs of the Waxman-Markey energy tax.

Click here, for a post by Heritage scholars that explains why the CBO’s estimate of the Waxman-Markey energy tax is far too conservative.

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