Brookings: Waxman-Markey a $9 trillion tax!

The Waxman-Markey climate bill amounts to a $9 trillion tax that will reduce personal consumption by up to $2 trillion by mid-century, according to an analysis presented yesterday by the left-leaning Brookings Institution.

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No effort was made to estimate the benefits of Waxman-Markey, apparently because of the difficulty of such an estimation, according to a report in Carbon Control News. To summarize: We know Waxman-Markey will hurt taxpayers, consumers and the economy, and it’s too difficult to determine whether the bill will provide any benefits — so let’s hurry up and enact the Mother of All Taxes? Click here for Brookings’ “Fact Sheet.” Click here for Brookings’ Powerpoint presentation.