Heritage on Cap and Trade: A Handout for Corporations and a Huge Tax on Consumers
A “market-oriented” cap-and-trade program to reduce carbon dioxide emissions proposed in the U.S. House of Representatives by Henry Waxman (D-CA) and Ed Markey (D-MA) has had a difficult time gaining support as more people recognize that it is a significant tax on energy that will inflict a severe amount of economic pain.
Knowing that large taxes generate large amounts of revenue, businesses sent thousands of lobbyists to flood the halls of Congress asking for a piece of the “climate revenue” pie. With the majority of the energy tax revenue handed out to large corporations, less will be made available to the public, leaving the American consumer to pick up the costly tab.
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