President Obama's climate plan could cost industry close to $2 trillion, nearly three times the White House's initial estimate of the so-called "cap-and-trade" legislation, according to Senate staffers who were briefed by the White House.
...At the meeting, Jason Furman, a top Obama staffer, estimated that the president's cap-and-trade program could cost up to three times as much as the administration's early estimate of $646 billion over eight years. A study of an earlier cap-and-trade bill co-sponsored by Mr. Obama when he was a senator estimated the cost could top $366 billion a year by 2015.
For the slow-of-economic-uptake, what the White House is saying is that their proposed economy-choking massive new taxes on energy, which would be paid directly and indirectly by every American, rich or poor , will likely be three times what they initially claimed.
But they promise they'll give a few of us some small part of our money back, if they think we're deserving of it.
A White House official did not confirm the large estimate, saying only that Obama aides previously had noted that the $646 billion estimate was "conservative."
"Any revenues in excess of the estimate would be rebated to vulnerable consumers, communities and businesses," the official said.
Of course, they get to decide who's "vulnerable" and thus worthy of receiving some small amount of federal assistance to ease tyhe pain of those killer taxes. The phrase CONFISCATORY SOCIALIST WEALTH REDISTRIBUTION, one I have carefully avoided using these last few months, does leap immediately to mind.
It's nice to see someone in the GOP show some spine in response:
"The last thing we need is a massive tax increase in a recession, but reportedly that's what the White House is offering: up to $1.9 trillion in tax hikes on every single American who drives a car, turns on a light switch or buys a product made in the United States," said Michael Steel, a spokesman for House Minority Leader John A. Boehner. "And since this energy tax won't affect manufacturers in Mexico, India and China, it will do nothing but drive American jobs overseas."