Alexander Statement on Release of Months-Old Administration Memo Showing Massive Costs of Cap and Trade

$1,761 per Family Yearly Energy Tax, 1-Percent Reduction in Nation’s Growth

Posted on September 16, 2009

U.S. Senator Lamar Alexander (R-Tenn.), chairman of the Senate Republican Conference and a member of the Senate Committee on Environment and Public Works, today released the below statement on internal Treasury Department documents prepared for the Obama administration. The documents detail the nearly 15-percent income-tax increase and 1-percent reduction in economic growth that would result from the administration’s proposed cap-and-trade legislation. “The current administration claims to be the most transparent in American history, yet it’s been hiding a report showing its cap-and-trade energy plan would cost up to $200 billion every year. American families can’t afford a new $1,761 yearly energy tax, and our economy surely cannot afford the 1-percent drop in productivity this big-government bill would cause,” Alexander said. “The best step we can take right now to lower energy costs, boost the economy, and clean our air would be to rely on a technology we created: nuclear power.” The documents were obtained through a Freedom of Information Act request made by the Competitive Enterprise Institute, and can be found at http://www.openmarket.org/wp-content/uploads/2009/11/FOIA-Cap-andTrade-2009-09-11.PDF.