Brave New World:Obama to propose over $1.3 Trillion in Carbon taxes
The estimated impact on disposable household income due to rising energy prices would then reach anywhere between $4,022 and $6,752. And because an energy tax is regressive, it will fall heaviest on poor and lower middle class folks who spend more of their income on energy.
President Obama himself described his plan in an interview with the San Francisco Chronicle last year this way:
Under my plan of a cap and trade system, electricity rates would necessarily skyrocket… whatever the industry was, uh, they would have to retrofit their operations. That will cost money. They will pass that money on to consumers.
(Excerpt) Read more at hawaiifreepress.com …
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