Treasury Admits Cap and Trade is a Massive Tax

Nicolas Loris / September 16, 2009

Thanks to the relentless work of Christopher Horner at the Competitive Enterprise Institute, U.S. Department of Treasury admitted cap and trade would be a tax that could generate revenue between $100 billion to $200 billion a year. Horner obtained the information from the Treasury by using the Freedom of Information Act. Horner says,

These are candid, internal discussions of what they are telling each other and what they won’t tell you. The words cap and trade were chosen for a reason, and that is to avoid a vote on tax. This memo tells you it’s a tax. Why else are they discussing hundreds of billions of revenue to be taken from the taxpayer?”

The energy tax amounts to $1,761 a year for families – “the equivalent of hiking personal income taxes by about 15 percent” as stated by Declan McCullagh of CBSNews. Horner writes that the Treasury memo offers much more, including:

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