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Obama Admin Concedes: Cap and Trade Will Raise Your Taxes by 15%

12:17 PM, Sep 16, 2009 • By MICHAEL GOLDFARB
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CBS reports:

The Obama administration has privately concluded that a cap and trade law would cost American taxpayers up to $200 billion a year, the equivalent of hiking personal income taxes by about 15 percent.

A previously unreleased analysis prepared by the U.S. Department of Treasury says the total in new taxes would be between $100 billion to $200 billion a year. At the upper end of the administration's estimate, the cost per American household would be an extra $1,761 a year.

BOOM. And the sweetest part may be that this information comes courtesy of a FOIA request by the Competitive Enterprise Institute -- an organization that is absolutely loathed by the eco-left. Just like with health care reform, the left has been promising that cap and trade will cost the American people next to nothing -- that it was actually going to create jobs and help the economy.

Even that fairytale was an impossible sell for members of Congress. Now they have to go tell hurting Americans to fork over an extra $1,761 a year? Not happening. Cap and trade just died.