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A Really Big Inconvenient Truth

"Nobody in this country realizes that cap and trade is a tax and it’s a great big one."

-- Rep. John Dingell (D-Michigan)

He said that last week at a hearing of the House of Representatives’ Subcommittee on Energy and the Environment. You can hear him in his own words in a You Tube/C-SPAN video at Government Bytes, the blog of the National Taxpayers Union.

Earlier last month, Pete Sepp of the National Taxpayers Union penned this column that appeared in the Pittsburgh Tribune. Sepp wrote, in part:

“Even if Kyoto were to be imposed worldwide, the results would be underwhelming. As far back as 1998, an expert with the National Center for Atmospheric Research estimated that fully enacting the protocol would, by the year 2050, curtail global temperatures by less than 1 degree (Celsius). Yet, that same year Wharton Economic Forecasting Associates warned that Kyoto could have led to 2.4 million lost jobs in the United States.

“The fatal conceit of cap-and-traders is believing their plan will take place in a fiscal vacuum. In addition to punitive tax hikes on oil and gas production, President Obama's budget plan envisions a $646 billion revenue windfall from cap-and-trade, and more taxes for a "down payment" on national health care.

“Worse, America's entitlement programs are in peril. Next year Medicare's Hospital Insurance Trust Fund will begin devouring its assets and will go broke by 2019.

“Unless leaders get serious about reducing entitlement spending, the Congressional Budget Office predicts that over the next four decades income tax rates would have to rise 90 percent across the board to avoid further deficit financing of the federal budget. With unsustainable burdens like these on the horizon, cap-and-trade must be weighed among many policy concerns, not just by itself.”

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