This is going to be the biggest tax imposed on American Citizen or in fact any citizen in the world - IT IS THE BIGGEST TAX IN THE HISTORY OF THE WORLD.
Energy Tax Facts
The Markey-Waxman “Cap-and-trade” Energy Tax bill, in the current form being considered by the House Energy and Commerce committee, would have the following catastrophic effects by 2035:
- Reduce aggregate gross domestic product (GDP) by $9.6 trillion;
- Destroy 1,105,000 American jobs per year on average, with peak years seeing unemployment rise by over 2,479,000 jobs;
- Raise electricity rates 90 percent after adjusting for inflation;
- Raise inflation-adjusted gasoline prices by 74 percent;
- Raise residential natural gas prices by 55 percent;
- Raise an average family's annual energy bill by $1,500 annually; and
- Increase inflation-adjusted federal debt by 26 percent, or $29,150 additional federal debt per person, again after adjusting for inflation.
Source: Heritage Foundation
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