Wednesday, March 18, 2009

Budget Fact #5

$3,000 Per Family, Per Year In Higher Energy Prices
The Facts About The Democrats' Budget:

The Largest Tax Increase in American History: The Democrats' budget will raise taxes by $1.4 trillion over the next ten years. The cap-and-trade proposal is expected to raise at least $646 billion alone.

A Tax Increase On Families Of More Than $3,000 A Year In Higher Energy Prices: The cap-and-trade proposal in the Democrats' budget will lead to higher energy prices and a tax for every American who uses energy. The Democrats' cap-and-trade proposal represents a new national climate tax that will cost every household up to $3,128 annually in higher costs for natural gas, electricity, home heating oil and gasoline.

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?

*Estimates based upon previous cap-and-trade proposals.

Posted by: Press Secretary

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