Cap and Trade Energy Tax

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:

1.Reduce aggregate gross domestic product (GDP) by $9.6 trillion annually;

2.Destroy 1,105,000 American jobs per year on average, with peak years seeing unemployment rise by over 2,479,000 jobs;

3.Raise electricity rates 90 percent after adjusting for inflation;

4.Raise inflation-adjusted gasoline prices by 74 percent;

5.Raise residential natural gas prices by 55 percent;

6.Raise an average family's annual energy bill by $1,500 annually; and

7.Increase inflation-adjusted federal debt by 26 percent, or $29,150 additional federal debt per person, again after adjusting for inflation.

Source: Heritage Foundation