Cap and Tax: $6,800 Per Family Annual Tax Increase

The Cap and Tax system that could be voted on in the House as early as tomorrow is a tax tsunami. Within 25 years, it will cost an average family of four an additional $6,800 annually. (And that's on top of all the other tax increases people are going to discover before Obama's first term expires in 2012). From the WSJ:

When the Heritage Foundation did its analysis of Waxman-Markey, it broadly compared the economy with and without the carbon tax. Under this more comprehensive scenario, it found Waxman-Markey would cost the economy $161 billion in 2020, which is $1,870 for a family of four. As the bill's restrictions kick in, that number rises to $6,800 for a family of four by 2035.

Americans should know that those Members who vote for this climate bill are voting for what is likely to be the biggest tax in American history. Even Democrats can't repeal that reality.

When Obama said last year on the campaign trail that his proposals would "necessarily cause electricity prices to skyrocket," he wasn't joking. I think we should take Obama at his word on this one...