Obama’s 'Cap and Trade' Plan Imposes huge tax

In his February 24 speech, President Obama asked Congress to send him “…legislation that places a market-based cap on carbon pollution and drives the production of more renewable energy in America.” But by “market-based cap” he means that the government would mandate carbon dioxide emission permits – which are essentially permits to use energy – that companies would then be able to sell among themselves.

His budget assumes a staggering $650 billion in revenue from this scheme. But who picks up the tab? Who ultimately pays the cost of buying these slices of global warming baloney, and why would industry support such a scheme?

The answer is... [read more]