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KILLER_CLOWN
09-20-2009, 11:27 PM
Treasury Department Releases Documents Showing Cap-and-Trade Costs Could Hit $300 Billion Annually

Watts Up With That?
Sunday, Sept 20th, 2009

This passage from page 7 “justifying” the tax is telling:

“Domestic policies to address climate change and the related issues of energy security and affordability will involve significant costs and potential revenues, possibly np to several percentage points of annual GDP (Le, eqnal in size to the corporate income tax), Creation of a domestic cap and trade system would require management and oversight consistent with, if not stronger, than existing markets for commodities and government securities…”

From a CEI press release Kudos to Chris Horner for making the FOI request.

by Christine Hall CEI
September 18, 2009

Global Warming Cap-and-Trade Costs Could Hit $300 Billion Annually, Cost Up to Several GDP Points, US Treasury Admits

Treasury Dept Releases Un-redacted Documents Friday Afternoon

Washington, D.C., September 18, 2009―Global warming cap and trade costs could hit $300 billion annually, the Treasury Department admitted in documents released today – late in the afternoon and on the day of the Jewish New Year celebration. The same documents had been released by Treasury earlier this week but had important parts redacted. Now, the document is available in its entirety for public scrutiny.

The new information reveals that Treasury estimates that not only could cap and trade cost $300 billion annually, “domestic policies to address climate change and the related issues of energy security and affordability will involve significant costs and potential revenues, possibly up to several percentage points of annual GDP (i.e. equal in size to the corporate income tax).”

The documents were obtained by CEI Senior Fellow Christopher Horner through a Freedom of Information Act request and revealed in a Friday afternoon release after public attention to an earlier version raised questions of what the administration was hiding.

“Today’s release explains why the administration initially sought to keep its internal aspirations and expectations from the public: The cost of a cap-and-trade plan to businesses and consumers will be enormous,” said Horner. “This candid perspective of what could prove to be the biggest tax increase in our nation’s history now must be openly debated before the American public”.

A cap-and-trade plan, as called for by President Obama, would either immediately sell all carbon dioxide emission permits or sell nearly all after a few years of giving industry most of its permits for free.

View the Treasury Department documents (PDF)

Page 4 has the relevant number

http://cei.org/news-release/2009/09/18/breaking-news-treasury-admits-global-warming-cap-and-trade-costs-could-hit-3

http://cei.org/people/christine-hall

http://www.openmarket.org/wp-content/uploads/2009/09/foia-release.pdf

http://wattsupwiththat.com/2009/09/19/treasury-department-releases-documents-showing-cap-and-trade-costs-could-hit-300-billion-annually/

***SPRAYER
09-25-2009, 10:26 AM
“You wouldn’t know it by his pay stubs, but Jiang Jianqing heads the world’s largest bank.

“Jiang, chairman of Industrial and Commercial Bank of China, made just $234,700 in 2008. That’s less than 2 percent of the $19.6 million awarded to Jamie Dimon, chief executive of the world’s fourth-largest bank, JPMorgan Chase & Co.

“The contrast illustrates the massive differences in pay among the CEOs of the world’s top banks. The compensation of the CEOs of the largest US banks towers above what’s paid to banking chiefs in other parts of the world, according to a Reuters analysis of pay at the 18 biggest banks by market value.

“The United States is home to four of the nine largest banks in the world – JPMorgan, Bank of America Corp, Wells Fargo & Co and Citigroup Inc. It is also home to four of the six most handsomely rewarded bank CEOs.

“China, for example, boasts three of the world’s four biggest banks, yet the leaders of those banks – Industrial and Commercial Bank of China, China Construction Bank Corp and Bank of China – are among the lowest paid of those surveyed by Reuters. The chairman and the president of each of the banks are paid roughly $230,000 per year.”

If America’s make-believe capitalists want to pay their CEOs exorbitant wages, that’s their business. A pox on all of them. But in come the feds…and now we’re all paying the price. And if the program ends in December, as scheduled, we’ll get to see how far the economy without taxpayers’ money in the gas tank. Let’s see…it comes to a complete stop?

But no matter how malign and imbecilic the feds are, the public is rooting for them. People think Bernanke has avoided a ‘Second Great Depression,’ and that the government has rescued the economy. Now they see nothing but clear highway ahead…perhaps with a little bump from time to time.

What’s ahead? We don’t know. Neither does anyone else. There is no precedent. Never before has a major central bank reacted so recklessly to a market correction. Never before has the monetary based exploded so violently. Never before have so many people with so many bills to pay had to face such a downturn.

But amid all the confusion, uncertainty and noise…your editor is calmly, cheerfully and confidently awaiting a depression. Yes, dear reader, we don’t know what markets will do. We don’t know how much gold will sell for next year…or what the actual GDP will be. But when we look at the shadows…we have a strong hunch that we are entering a depression…and that we won’t get out of it soon.


http://dailyreckoning.com/a-21st-century-depression/

HonestChieffan
09-25-2009, 10:28 AM
This is exactly why every bill must be cost scored. Cap and Trade is a disaster and pushed on us with bad science in order to tax us all into oblivion.

wild1
09-25-2009, 10:35 AM
Cap and Trade will bear out to be the biggest tax increase in history, probably dwarfing the cost of any other individual legislative act, drawing directly from consumers, and disproportionately affecting people who spend a larger percentage of their income on necessities.

***SPRAYER
09-25-2009, 10:55 AM
Cap and Trade will bear out to be the biggest tax increase in history, probably dwarfing the cost of any other individual legislative act, drawing directly from consumers, and disproportionately affecting people who spend a larger percentage of their income on necessities.

Mmm mm!

ROYC75
09-25-2009, 11:02 AM
Awh, come on, it's only small "CHANGE".

Bwana
09-25-2009, 09:20 PM
Thanks Barry! We are loving the change! 4321

http://i.ebayimg.com/14/!BbK7J)Q!mk~$(KGrHqYOKioEq5!C)vICBKut)v0YMw~~_12.JPG