US climate bill equivalent to 15% income tax hike
Documents (link to PDF) obtained from the U.S. Treasury under the Freedom of Information Act by the free-market Competitive Enterprise Institute were released on Tuesday.
The U.S. Treasury Department admits that a “cap and trade” system for regulating greenhouse gas emissions could cost every household $1,761 a year. According to the CBS News story, “the equivalent of hiking personal income taxes by about 15 percent”.
This comes in way over claims that the EIA says:
The Climate Bill Will Cost You Just 23¢ a Day, EIA Analysis Shows. This works out to $83.95 per year. Big difference.
Big difference? That's a humongous difference. I wonder how big the gap between Rudd's spin and reality is here in Australia? Hopefully, if the ETS sinks, we will never have to find out.
Read it here.