U.S. Senator Jim Inhofe (R-Okla.), Ranking Member of the Senate Environment and Public Works Committee, went to the Senate Floor this morning to expose the cap and trade tax scheme included in President Obama’s budget. The following are excerpts of his Senate Floor speech:
“The Administration’s decision to include cap and trade—and the revenues generated by it—in the budget forces my colleagues here in the Senate to no longer hide the ball… It allows us to have an honest debate about the costs of a program of this magnitude on the American people—not to mention the enormous redistribution of wealth for pet projects and programs under the umbrella of ‘clean energy.’ To put it simply, they are realizing that cap and trade is a regressive energy tax that hits the Midwest and the South harder than the East or West Coasts.
“In this time of recession and economic pain, the Administration and proponents of mandatory global warming controls now need to be honest with the American people. The purpose of these programs is to ration fossil-based energy by making it more expensive, and therefore less appealing for public consumption. It is a regressive tax that imposes a greater burden (relative to resources) on the poor than on the rich. That is because the poor spend a larger percentage of their income on energy costs than the rich.
“There is nothing in it for taxpayers, consumers or the climate. Keep Reading….
What will ‘global warming’ cost you?
Former Congressman Ernest Istook (R-Oklahoma) says President Obama’s proposed energy tax plan is going to be so expensive that a typical family will see its home electricity bill go up by $1,800 a year.
The Obama administration initially estimated its cap-and-trade plan would cost the energy industry $646 billion over eight years. President Obama has said the plan would be offset by an $800 “Making Work Pay” tax credit for 95 percent of taxpayers. But word now comes from the administration that the cap-and-trade plan could cost up to $1.9 trillion over the next eight years — about triple the original estimate. Read More
Can you afford for your electricity bill to go up by $1,800 a year? The poor and low income Americans will be hurt the worst along with the Southern States!
All I have to say is that the Tea Party Protesters need to forget AIG and keep their eyes on the (Obama) ball. While we’re protesting AIG Obama is doing his dirty work with no trouble from us the people. You need to read all of what Senator Jim Inhofe said on the senate floor!