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.
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.