Tax Burden Would Hit Lower-Income And Middle-Income Families The Hardest: The cap-and-trade tax is highly regressive, impacting most the lower-income and middle-income families who spend a greater portion of their monthly income on energy than higher income earners.
Potential To Destroy Anywhere From 1.8 Million To 7 Million Jobs*: National Association of Manufacturers estimated a net job loss of 3 to 4 million; the Heritage Foundation estimated job losses between 1.8 and 5.3 million; and Charles Rivers Associates estimated job losses as high as 7 million.
Stifling Economic Growth*: The Environmental Protection Agency estimated a decline in GDP of $238 billion (0.9%) to $983 billion (3.8%) in 2030 and $1,012 billion (2.4%) to $2,856 billion (6.9%) in 2050. The Heritage Foundation estimated a decline in GDP of $1.5 to $4.8 trillion.
Higher Energy Costs*: The Environmental Protection Agency estimated a rise in electricity costs of between 44% and 79%. The National Association of Manufacturers estimated an increase of between 101% and 129%.
THE BOTTOM LINE: Why would Congress want to raise families' energy bills, increase America's dependence on foreign energy, and destroy American manufacturing jobs?
Posted by: Press Secretary