Obama’s Cap on Carbon Pollution Is A Huge Tax Increase, Republican Lawmaker Says
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
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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