This is the problem when you want to initiate programs you can't pay for. Apparently worse, this is just the tip of the iceberg. It's not the top 2% wage earners that get taxed. It's everyone. If this bill passes the U.S. Senate, you can all kiss a LOT of money goodbye...jobs too, and not just for and in the energy sector. But then perhaps this is how our Supreme Leader proposes to pay for all the cool things he wants the government to do.
Here is a redacted letter sent to a friend of mine from our House Rep, Greg Walden, in Oregon. Remember, these are Oregon numbers where we have mighty green hydroelectric power. Poor midwesterners...you're sunk. (Trust your government. Buy Government Motors cars.
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"As you may already know, the so-called cap and trade bill passed the House of Representatives narrowly this afternoon. The legislation now goes to the U.S. Senate. But I wanted to give you a quick update on the day's proceedings.
I opposed this bill, which levies the largest-ever energy tax on the American people. If it becomes law, PacifiCorp would hike its power rates in Oregon by at least 17.9 percent. The Heritage Foundation estimates that the National Energy Tax would cost the economy $161 billion in 2020, which is $1,870 for a family of four. As the bill's restrictions kick in, that could climb as high as $6,800 by 2035.
The authors of the bill recognized the toll higher energy prices will take on families, so they developed a new "energy stamps" welfare program. The size of this new entitlement is 16-times bigger than America's already-existent welfare system (the Temporary Assistance for Needy Families program). But if you're a family of four making more than $33,000 a year, you're out of luck. The program doesn't apply to you.
You might assume that such an incredibly consequential bill would have been vetted carefully before passage. Incredibly, you'd be wrong. At 2:49 a.m. today, the bill's author, Representative Henry Waxman (D-Hollywood), introduced a new 309-page rewrite of the 1,201-page bill. I have trouble believing that any member of Congress read through this new rewrite before the vote. And out of 224 amendments that Republicans hoped to have considered, Speaker Nancy Pelosi only allowed one to receive a vote on the House floor.
I remain deeply concerned over what this bill would do to the American economy. I will continue to monitor the legislation closely as it heads to the U.S. Senate and keep you posted as the process moves forward."
Greg Walden
