June 3, 2008
To: All Senators
Re: Climate Security Act of 2008
This week you are considering instituting a cap and trade system for carbon emissions, S. 3036, the dubiously named “Climate Security Act of 2008.” While some advocates of the bill may have good intentions, the result of the bill would be a massive tax increase on the American people. The Congressional Budget Office estimates the effect of S. 3036 to be an increase in revenue to if $1.2 trillion over 10 years.
*As a result, Americans for Tax Reform WILL RATE the vote on final passage of S. 3036 as part of our rankings for the 110th Congress*
Other estimates place a price tag of $1.13 trillion on the increased cost of energy for Americans by 2018 as a direct result of this legislation with an estimated cost to the gross domestic product of the United States of up $4.8 trillion, according to a study by the Heritage Foundation.
Make no mistake. A cap and trade scheme is nothing more than a massive tax increase on American consumers that will do significant damage to our economy.
That is not to mention the massive increase in spending this bill will mandate and the huge bureaucracy it would create, all of which will end up costing taxpayers untold billions.
I urge you to oppose the Climate Security Act. Do not impose a trillion dollar tax increase on the American people.
Americans for Tax Reform