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Friday, October 2, 2009
Newsmax Repeats Irrelevant Cap-And-Trade Memo
Topic: Newsmax

In an Oct. 1 Newsmax article purported to detail the "new taxes, fees, and other costs over the next 10 years" President Obama's policies "could" result in, David A. Patten repeats a discredited claim about an energy "tax."

Patten cites a "Treasury Department document obtained by the Competitive Enterprise Institute following a Freedom of Information Act request reveals that the administration projected revenues of '$100 to $200 billion annually' from auctioning off the right to emit greenhouse gases – the system known as cap and trade" as evidence that "cap and trade as currently proposed would cost consumers $140 billion per year."

In fact, as we pointed out the last time Newsmax cited it, the Treasury document Patten cites -- which Newsmax previously claimed computed to a cost of "$1,761 a year" to "every American household" -- is not applicable to the cap-and-trade bill currently before Congress since it, among other things, didn't figure in methods to reduce the impact of cap-and-trade on consumers. A Congressional Budget Office analysis of the current legislation found that that average cost to households in 2020 is $175 per year when various methods of impact mitigation methods are included.

Posted by Terry K. at 9:09 AM EDT

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