President Obama's proposed middle class regressive cap and trade tax may be voted on in the House as soon as this Friday, June 26. Besides raising some taxes, its basis is a concern over global warming that was happening until the sunspots went away. This bill is known as "American Clean Energy & Security Act" or the Waxman-Markey bill. A note from myobama.com informs me that "This policy would foster a sound investment climate for renewable energy manufacturers to invest billions of dollars in new facilities and employ hundreds of thousands of Americans in high-quality jobs.

Although the current RES provisions aren't reaching President Obama's campaign goal of 25% renewable energy by 2025, passing this bill out of the House of Representatives is an important step in the legislative process. We also ask that you contact your Senators and ask them to help strengthen the RES in their version of the bill that will come up for a vote in the near future."

According to the Obama administration, the costs of this legislation to American taxpayers to be over 650 BILLION dollars over the next eight years. According to the Heritage Foundation, between 1.2 and 2.3 million jobs could be lost over the next ten-years due to the bill’s regulations. That ought to help drive a nail into our economy.

"The Congressional Budget Office...estimates that the price hikes from a 15% cut in emissions would cost the average household in the bottom-income quintile about 3.3% of its after-tax income every year. That's about $680, not including the costs of reduced employment and output. The three middle quintiles would see their paychecks cut between $880 and $1,500, or 2.9% to 2.7% of income. The rich would pay 1.7%."

-Who Pays for Cap and Trade? Hint: They were promised a tax cut
http://online.wsj.com/article/SB123655590609066021.html
-House moves toward vote on 'cap and trade' bill 6/23/09
http://www.marketwatch.com/story/hou...and-trade-bill
-Al Gore supports this bill
http://www.politico.com/news/stories/0609/24193.html
-Climate bill would be 'biggest tax in American history'...
http://online.wsj.com/article/SB124588837560750781.html
-Will Congress even read it before voting?
http://www.cbsnews.com/blogs/2009/06...y5110850.shtml