UPDATE: What you need to know about “Cap and Tax” catastrophe that House is voting on today


UPDATE(S) BELOW.

John Boehner put out a release detailing the increased taxes, job losses, home ownership issues and more that the “Cap and Tax” bill put forth by Democrats will entail.

Before including Boehner’s info on the bill…a reminder…call your Congressman TODAY…NOW….to urge them to vote NO on the bill.

Info here on which Dem reps and Republican reps needs the most prodding!

What You May Not Know About Speaker Pelosi’s National Energy Tax
More Mandates, More Regulations, and More Costs Than Ever Before
 
 Washington, Jun 26 - Speaker Pelosi’s national energy tax is going to raise electricity prices, increase gasoline prices, and ship American jobs overseas to countries like China and India.  This, we know. 

New Lights No Matter the Cost.  As early as 2012, the Democrats’ bill eliminates all existing lighting technology used in many outdoor lighting fleets (parking lots, stadiums, secured facilities like power plants and factories).  Just as an example, switching to the mandated technology in the bill will cost one small utility about $30 million in annual revenue.  So you now have to comply with the new mandates for new lighting?  Hold the phone.  It is not clear that a feasible alternative technology is available for every existing lighting application – regardless of cost – which could force some businesses to close.

It would be a bureaucratic nightmare overseen by a confusing web of government agencies that would take and redistribute trillions of dollars from family budgets and workers payrolls.  This, we also know.  Even Agriculture Committee Chairman Collin Peterson (D-MN) admitted in the Washington Post this morning that: “The truth is, nobody knows for sure how this is going to work.”  How encouraging.

But what don’t we know?  Here are some facts you may not know about Speaker Pelosi’s national energy tax:


Homebuyers Beware
.  Trying to save up for a new home?  You may have to save up a little longer for your purchase.  The Democrats’ bill would dramatically increase new home costs by mandating California’s expensive new building codes for the entire nation.  Immediately upon enactment, the Democrats’ bill would demand a 30 percent increase in energy efficiency for new construction.  A couple of years later, the Democrats’ bill would require an additional 50 percent improvement.  These numbers were chosen with no concern for cost to consumers or feasibility in implementation.


Homebuilders Beware
.  The Democrats’ bill imposes new mandatory regulations and civil penalties for homebuilders.  If your state refuses to accept the stringent and costly California building codes, the federal government may assess penalties.  And don’t get too comfortable with the new mandatory regulations because the Democrats’ bill allows for “consensus-based” codes to supplant those outlined in the bill.  So, as soon as you’ve invested your hard-earned money to comply with the bill’s mandates, the rug could get pulled from underneath you.  Translation?  You’ll pony up more and more money.

 

Home Sellers Beware.  Having a hard time selling your home?  Here’s one more hurdle to jump:  all homes sales are conditioned upon an energy audit and a new energy rating assessment and energy labeling program for your home that’s outlined in the Democrats’ bill.  And if you thought you could improve your property with a fresh coat of paint and some granite counters?  Think again!  Now your home will be subjected to a new energy rating assessment and energy labeling program that will penalize you for older windows, original fixtures, and dated appliances.  So the Democrats’ bill would bring down the value of your home! 

Wake me up when this taxing, spending, socialist nightmare that is the Obama administration and Dem-controlled Congress is over….

 

 More info and “Cap and Tax” liveblogging at Michelle Malkin.

 

(H/T: Commenter “Blizzard” at MichelleMalkin.com)

 

UPDATE:  As per RedState.com: “Greenpeace has now come out against Cap & Trade too. Why? Because the envirowackos say the legislation will do no good to solve global warming.” In other words, the Democrat leadership wants to strangle our economy for nothing.

 

UPDATE: From The Heritage Foundation, and economic perspective on the bill:

Overall, Waxman-Markey reduces gross domestic product by an average of $393 billion annually between 2012 and 2035, and cumulatively by $9.4 trillion. In other words, the nation will be $9.4 trillion poorer with Waxman-Markey than without it.

Since farming is energy intensive, that sector will be particularly hard-hit. Higher gasoline and diesel fuel costs, higher electricity costs, and higher natural gas-derived fertilizer costs all erode farm profits, which are expected to drop by 28 percent in 2012 and average 57 percent lower through 2035. As with American manufacturers, Waxman-Markey also puts American farmers at a global disadvantage, as other food-exporting nations would have no comparable energy-price raising measures in place.

Beyond the cost impact on individuals and households, Waxman-Markey also affects employment, and especially employment in the manufacturing sector. We estimate job losses averaging 1,145,000 at any given time from 2012-2035. And note that those are net job losses, after the much-hyped green jobs are taken into account. Some of the lost jobs will be destroyed entirely, while others will be outsourced to nations like China and India that have repeatedly stated that they’ll never hamper their own economic growth with energy-cost boosting global warming measures like Waxman-Markey.

But direct energy costs are only part of the consumer impact. Nearly everything goes up, since higher energy costs raise production costs. If you look at the total cost of Waxman-Markey, it works out to an average of $2,979 annually from 2012-2035 for a household of four. By 2035 alone, the total cost is over $4,600.

The Heritage Foundation, which is attached to my written statement, the higher energy costs kick in as soon as the bill’s provisions take effect in 2012. For a household of four, energy costs go up $436 that year, and they eventually reach $1,241 in 2035 and average $829 annually over that span. Electricity costs go up 90 percent by 2035, gasoline by 58 percent, and natural gas by 55 percent by 2035. The cumulative higher energy costs for a family of four by then will be nearly $20,000.

(H/T: Michelle Malkin)

UPDATE: This huge tax increase, job-losing, idiotic monstrosity bill passed the house this evening by a vote of 219-212.  Eight Republicans voted for it.   They should never serve another term!

Follow

Get every new post delivered to your Inbox.

Join 252 other followers