More good news from the party once called conservative. Cap and Tax err Trade is one of the biggest (not the biggest since ObamaCare is still in the works) thefts of American wealth ever put forth by any legislature.
Clyde Middleton and I just concluded a blogger conference call with the House Whip Team. On the call were Reps. Jim Jordan (R-OH), Kevin McCarthy (R-CA), Marsha Blackburn (R-TN), and Erik Paulsen (R-MN).The major news from the call was that Cap and Trade is, according to Rep. Jordan, “all but dead in the House.”...(link)
For the purpose of 'protecting the climate' (which the bill wouldn't even do) the citizens would have to pay higher prices for energy... and of course since every product you buy has energy being used to make it, guess what would happen to the prices of all those 'luxury' goods (you know: food, water, shelter, etc.)? Of course they'd skyrocket also. Since the manufacturers would have to pay more to produce, they would charge more (not the full amount, some would be taken back by cutting pay and a very small amount eaten from profit) for their products to consumers.
So not only do you have the 'direct tax' of higher electric bills (around $1761 per year [link]) you would also bite the indirect price raise by each business that had their electric bills raised. The cost to each person would be much higher than any estimate because of the 'pass-down' method of pricing by business.
Killing this behemoth bill is a very high priority (just behind the ObamaCare fiasco) and you should let your congresscritters know how you feel on this. (easy way here)
Ed talks about this among other non-tax taxes in his latest AIP column here