“Many of the current estimates of cap-and trade’s distributional impact are in direct contradiction to microeconomic theory. Using implausible assumptions about free emissions allowances, the government’s analysis concludes that the costs associated with cap-and-trade legislation are progressive. Unfortunately, they are almost certainly regressive, with America’s top income-earners profiting by more than $14 billion per year, and low- and middle-income households footing a large portion of the burden. What’s more, the free allowances distributed under Waxman-Markey will result in large windfall profits for the corporate allies of the legislation.”
From our pockets to Al Gore's.
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