Government Agencies Would Need $16.6 Billion in New Tax Revenue to Buy Carbon Allowances Under Global Warming Legislation

A new Government Accountability Office (GAO) study says that all levels of government – federal, state, and local – will have to come up with a total of $16.6 billion in additional revenue to purchase carbon allowances, if cap-and-trade – to allegedly combat global warming -- is enacted into law. Experts say this could prompt increases in taxes. This is the second government report to estimate that the proposed climate-change legislation, formally known as the American Clean Energy and Security Act of 2009, will eventually cost consumers more. A Congressional Budget Office (CBO) study published on June 19 revealed that the House cap-and-trade bill, passed by a 219 to 212 vote on June 26, would cost an estimated $175 per household every year...CNSNews

Gee, seems like this may hit people making less than $250,000 a year.