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Online Calculator Helps Families Determine Cost of “Cap & Trade” Energy Tax

Washington, June 18, 2009 - A non-partisan educational foundation has created an online calculator to help families determine how much the Waxman/Markey “Cap & Trade” National Energy Tax bill will cost them every year. The Tax Foundation’s Household Cap-and-Trade Burden Calculator is based upon a study released in March which shows that a cap-and-trade system designed to reduce greenhouse gas emissions by 15 percent would place an annual burden of $144.8 billion on American households. The average annual household burden would be $1,218, which would be approximately 2% of the average household income, but it would hit retirees living on a fixed income particularly hard.

“It’s important for Americans to understand the energy tax changes being proposed in Washington and how these changes will impact their families and businesses,” said Congressman Bill Posey (R-Rockledge). “The Cap and Trade legislation is a massive energy tax that will increase the price of everything, make it more expensive to do business here in America and will lead to the loss of as many as 2.5 million jobs. There is effort in the Congress to expedite consideration of the bill in the Congress before the American people have a chance to understand what this bill does and how much it will cost them.”

Founded in 1937, the mission of the Tax Foundation is to educate taxpayers about sound tax policy and the size of the tax burden borne by Americans at all levels of government. Tax Foundation has been grounded in the belief that the dissemination of basic information about government finance is the foundation of sound policy in a free society. 

Click Here to calculate your NEW Energy Taxes under Cap and Trade

Congressman Bill Posey recently hosted an informational forum with local business leaders and senior citizens to discuss the economic impact of the “Cap & Trade” Energy Tax legislation. Christopher Horner, senior fellow with the Competitive Enterprise Institute, gave an in depth presentation about the origins of “Cap and Trade”, how it works and what it’s meant to achieve.

You can view the forum in on Congressman Posey’s YouTube Page.  

A poll released by Rasmussen Reports on May 11th indicated that just 24% of voters can correctly identify “Cap and Trade” as an environmental policy while 29% related it to Wall Street and 17% said it was a health care issue. 30% have no idea what “Cap and Trade” is. “People are in the dark when it comes to this issue,” said Posey. “We need to let some sunshine in so folks can see what’s coming at them down the road.”

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