June 21, 2009
Denver Post Cites Tax Foundation Research on Cap and Trade
"Cap and trade: It's an economic catastrophe"
By David Harsanyi
The trouble is that no matter what they call the cap-and-trade bill, it is a new tax.
A recent study released by the Tax Foundation contends that the cap-and-trade bill is a regressive tax on families, as the bottom 20 percent of income earners would pay 6.2 percent of their income toward the tax while the top 20 percent of income earners will pay 1.4 percent.
The report estimates that on average, this cap-and-trade scheme would cost the average household $1,218 extra a year. (The Congressional Budget Office analysis estimates that cap-and-trade would cost the average American family $1,600; others contend it would be even higher.)
