via the AP:
WASHINGTON (AP) - House Democrats narrowly won a key test vote Friday on sweeping legislation to combat global warming and usher in a new era of cleaner energy. Republicans said the bill included "the largest tax increase in American history."
It doesn't "include" a tax increase - this entire wacky thing is a household and business energy tax, pure and simple. The lie that anyone other than households and businesses will end up paying it is ridiculous. It simply will be passed through to you in your utility bill. The O did promise during the campaign to make energy far more costly, and this is the beginning.
My own cynical view is that the "greeny" pose is just being used as a mask to suck more money out of the private economy into Washington. This bill does nothing for the environment - and Congress knows it.
I have read estimates that this will cost anywhere from $120-over $2000 per household per year, with plenty of geographical variation. I haven't seen any estimates about what it will cost businesses, but clearly that depends on your businesses' energy usage. If you have 1000 Costco stores to air condition, watch out.
If you wanted to design something to put the brakes on an economic recovery, this would be a fine plan.
Ace has an excellent analysis.
Update: The dang thing passed in the House. I never thought it would. Note to self: never underestimate the Dems when they have a chance for a new tax. They are tricking the public: digging deeper into your pocket while making it look like greenie-virtue.
