CEI Uncovers Shocking Obama Admission: Cap-and-Trade = 15% Income Tax Hike

by William Yeatman on September 16, 2009

Yesterday, I blogged on how CEI’s Chris Horner used the Freedom of Information Act to uncover internal documents from the Obama administration in which Treasury Department officials admit that a cap-and-trade would impose a steep energy tax on American families.

In only 24 hours, the story has gone viral.

Here’s what CBS News is reporting:

The Obama administration has privately concluded that a cap and trade law would cost American taxpayers up to $200 billion a year, the equivalent of hiking personal income taxes by about 15 percent.

A previously unreleased analysis prepared by the U.S. Department of Treasury says the total in new taxes would be between $100 billion to $200 billion a year. At the upper end of the administration’s estimate, the cost per American household would be an extra $1,761 a year.

This FOIA story has been highlighted by the Drudge Report, Breitbart, The Weekly Standard, and the Politico.

To read the internal Treasury Department documents, click here.

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