A former congressman is detailing just how much the average American's utility bill will increase if President Obama succeeds in implementing an energy tax to save the planet from global warming.
Former Congressman Ernest Istook (R-Oklahoma) says President Obama's proposed energy tax plan is going to be so expensive that a typical family will see its home electricity bill go up by $1,800 a year. The Obama administration initially estimated its cap-and-trade plan would cost the energy industry $646 billion over eight years. President Obama has said the plan would be offset by an $800 "Making Work Pay" tax credit for 95 percent of taxpayers. But word now comes from the administration that the cap-and-trade plan could cost up to $1.9 trillion over the next eight years -- about triple the original estimate. Istook, a distinguished fellow at The Heritage Foundation, says at best Americans would suffer a net loss of $1,000 annually. "For many people it is going to be even worse," he contends. "Some people will get the $800 back but won't be paying the higher utility bills, so other people will have an increase in their utility bills in order for President Obama to write a giveaway check to people who don't even pay income taxes." Istook says Obama's cap-and-trade plan is "just another excuse to reorganize society around a liberal model where we're all more dependent on government and less dependent on ourselves."
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