Susan Jones
CNSNews
February 25, 2009

In his speech to Congress Tuesday night, President Barack Obama “committed himself to the largest annual tax increase in the history of America,” warns a Republican congressman.

  • A d v e r t i s e m e n t
  • efoods

The implementation of a cap-and-trade system, something Obama favors, would raise $300- to $330-billion a year, said Sen. Jim Inhofe (R-Okla.).

“As bad as the stimulus spending bill was, this would be much worse because instead of being one-time spending, the cap-and-trade tax increase would keep occurring year after year,” Inhofe said.

In his speech to Congress, Obama mentioned cap-and-trade indirectly, asking Congress “to send me legislation that places a market-based cap on carbon pollution and drives the production of more renewable energy in America.”

During his presidential campaign, however, Obama was more specific. He called for an economy-wide cap-and-trade program to reduce greenhouse gas emissions 80 percent below 1990 levels by 2050.

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