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May 18, 2009

Latest Waxman-Markey Cap and Trade Energy Tax Bill

May 18, 2009
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***Update: A few minutes before the House Energy and Commerce Committee’s markup of the bill, Representative Waxman released a new 946-page Amendment in the Nature of a Substitute. The text is available here. ***

***Second Update: The House Energy and Commerce Committee have released a summary of the changes in the Amendment in the Nature of a Substitute. The text is available here.***

***Third Update: Here is Part 1 of the American Clean Energy and Security Act in PDF format.

Representatives Henry Waxman and Ed Markey have introduced their 932-page energy tax bill and a short summary on how carbon dioxide emissions allowances will be allocated. The irony of the bill’s summary is the first headline–“Consumer Protection.” The summary goes to great lengths to explain how the bill will protect consumers from the economic harm created by the energy taxes implicit in the Waxman-Markey bill itself.

We do not know how much this plan will cost American citizens, but the consensus, even from people who support the bill, is that the bill is a large tax that will ultimately be paid by average Americans.

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