Posted on 03/04/2009 2:19:57 PM PST by Sub-Driver
Dems' Energy Tax: The Administration's Budget Hikes Taxes on Every Single American Presidential Candidate Obama Admits: "Under My Plan of a Cap-and-Trade System, Electricity Rates Would Necessarily Skyrocket"
Washington, Mar 4 - The day after two top members of the President’s economic team – Treasury Secretary Timothy Geithner and Budget Director Peter Orszag – testified before Congress, families and small businesses across America are beginning to realize just what the Administration’s budget means for them: higher taxes during a recession. It’s part of a scheme Washington Democrats call “cap-and-trade,” but all it will do is raise taxes on all energy consumers, meaning if you so much as flip on a light switch, you’ll be paying more under the Administration’s budget. How do we know? Then-Senator Obama admitted it during the presidential campaign, saying, “Under my plan of a cap and trade system, electricity rates would necessarily skyrocket.”
An editorial in this morning’s Las Vegas Review-Journal reaffirms the point, making clear that the “tax the administration proposes for U.S. companies will result in higher energy costs for all consumers and businesses, not just the rich.” According to today’s Wall Street Journal, that’s a fact that Ways & Means Committee Ranking Member Dave Camp (R-MI) made clear during Secretary Geithner’s appearance before the panel yesterday:
“Despite the Obama administration’s claim that its budget wouldn’t raise taxes on families earning less than $250,000 a year, ‘the budget before us assumes large amounts of money’ from the climate-change legislation, Rep. Dave Camp of Michigan, the top Republican on the tax-writing House Ways and Means Committee, said at a hearing Tuesday. ‘And that means higher prices for Americans for food, for gas, for electricity, and in a state like Michigan for home heating – pretty much anything that they buy.’”
Fox News correspondent Jim Angle detailed just how much of a burden the tax hike in the Administration’s budget will be on every American – from middle-class families and small businesses to seniors and, yes, anyone who dares to flip on a light switch. Full video and a transcript of the Fox piece follows:
Click HERE for Full Video
BRET BAIER: The budget director is also trying to sidestep criticism over an environmental policy which he and the President admit will result in higher energy costs for consumers. Chief Washington correspondent Jim Angle looks at cap and trade.
JIM ANGLE: Almost every activity in the U.S. economy emits carbon dioxide, but President Obama wants to impose a cap on total emissions throughout the economy and charge industry a new tax of at least $65 billion a year for their current activities.
DAN WEISS – CENTER FOR AMERICAN PROGRESS: There is an overall limit on pollution that is set for the economy. Then each company has to purchase an allowance that allows them to emit some pollution.
ANGLE: The emission permits would be sold at auction, putting a price on emissions in hopes of creating a financial incentive to find alternatives.
WEISS: Companies that can reduce their emissions more have to buy fewer allowances.
ANGLE: But even candidate Obama conceded during the campaign that plan would hit consumers hard.
AUDIO OF THEN SENATOR BARACK OBAMA: Under my plan of a cap and trade system, electricity rates would necessarily skyrocket.
ANGLE: Skyrocket, he explained because utilities, especially coal, would have to pay an enormous price up front while they searched for ways to reduce emissions.
AUDIO OF THEN SENATOR BARACK OBAMA: Because they would have to retrofit their operations. That will cost money. They will pass that money on to consumers.
ANGLE: Several analysts confirmed the President's prediction and say the increases in utility costs will be steep.
ENERGY ANALYST MARGO THORNING: In dollar cost terms, probably an additional $700 to $1,400 per family per year, starting around 2012.
ANGLE: Which is why President Obama would redirect some of the $646 billion tax increase to help people of modest incomes pay higher utilities. OMB director Peter Orszag made clear tax breaks those groups now get would no longer be in that tax cut but rather aid to offset higher utilities.
OMB DIRECTOR PETER ORSZAG: That’s one reason we are linking the cap and trade program to making work pay which is a tax credit for working families that would provide relief in their budgets over time.
ANGLE: But those tax cuts phase out at $75,000 in income. What about those between $75,000 and $250,000 who would face higher prices for everything from utilities to gasoline? A question that came up today in a hearing with the Treasury Secretary.
WAYS & MEANS COMMITTEE RANKING REPUBLICAN DAVE CAMP (R-MI): My question is, what Americans won't end up paying more for virtually every item they purchase because of this higher tax on energy?
TREASURY SECRETARY TIMOTHY GEITHNER: You can't address the problems driven by climate change or the dependence on foreign oil without changing the incentives people face for how they use energy.
ANGLE: So it's the price we have to pay in the Administration's view, but as the debate unfolds there are lots of questions about whether that price is too high? Bret?
BAIER: That’s one to follow. Jim, thanks.
When the Obamanauts get the bills they will be POed, especially with hyper inflation caused by the insane spending.
Yes you can dumbass...increase domestic supply! BTW, love the incentives people pay bullsh*&. We now pay incentives for energy use? Geez, always thought an incentive was a voluntary thing. Now the gov't is surcharging me for the right to purchase and consume energy.
Everyone else will be throroughly screwed.
They won’t care.
The media will tell the sheep that it’s all the evil energy companies’ fault that rates are so high.
Then the Democrats will come in to save everybody’s day with more welfare programs to help ‘needy families’ (read: everyone) pay their $600 month electric bills, as long as you keep your thermostat on 82 in the summer and 58 in the winter (there will be a device installed to regulate this).
The annointed will save everyone from freezing to death or dying of heat stroke, and then Obama will cruise to victory in 2012.
This isn’t a supposition. It’s been planned all along.
As if this criminal tax evader believes in man made global warming. And I thought only the Clintons hired adoring psychophants. Silly me.
Bingo...smartgrid. The gov’t will control your energy use from afar.
US Treasury secretary attacks oil, gas tax breaks
(for “Global Warming” sez Tiimmaahh)
Reuters | Mar 5, 2009 | Tom Doggett
Posted on 03/04/2009 4:51:45 PM PST by GOPGuide
http://www.freerepublic.com/focus/f-news/2199454/posts
So over this shit. He keeps the WH like a greenhouse, we are supposed to freeze or sweat our asses off. Get rid of this freak. FUBO. FU! FU! FU! Psycho Communist.
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