The Size of President Obama’s Massive Energy Tax Grows

Posted March 19, 2009 | folder icon Print this page

When President Obama released his budget plan three weeks ago, it included a whopping $1.6 trillion in new taxes. The plan contained $989 billion in various tax increases and a $646 billion cap and trade tax. As we previously noted, if enacted, this would be the largest tax increase in American history.

But it turns out the Administration’s budget did not reveal the entire truth. A top White House aide told Senate staffers that cap and trade tax would be much higher than the initially reported $646 billion. In fact, Jason Furman, the deputy director of the National Economic Council, told Senate staffers the tax would cost American taxpayers between $1.3 trillion and $1.9 trillion.

A $1.6 trillion tax raise is huge—but a tax increase of $2.3 trillion or $2.9 trillion is astonishing. To put that in perspective, that is a tax increase of $7,500 to $9,500 per American.

Let’s hope the cost of the President’s budget does not continue to escalate.

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  • Kathy

    Obama is bankrupting our country!

  • Dr. Kenneth Nolde

    Mr. obama:

    You are not acting in the US’s best interests with a “Cap and Trade” policy and attendent taxed. You are basing a policy on bad science, lies, and ignorance. I demamd that you cease and desist, CAP and TRADE policies are an insult to ones intelligence and greatly harms the US economy. If you care about America, think before you act.

    Angry and Active, Dr. Kenneth Nolde, Major USAF(Ret)

  • Edith Halikoytakis

    Why are we not using our resources available and at the same time have a plan to introduce
    newer sources of energy. It is madness to eliminate from use what we already have and
    start something new which will be expensive and cost a great deal. The president is going
    about this all wrong. God help our country!