Government Report: Cap & Trade (tax) Bill will cost $1700 per household. Democrats caught lying about the bills impact.

CBS News Liberty Blog (amazing that they have a libertarian guy who has a liberty blog):

The Obama administration has privately concluded that a cap and trade law would cost American taxpayers up to $200 billion a year, the equivalent of hiking personal income taxes by about 15 percent.

A previously unreleased analysis prepared by the U.S. Department of Treasury says the total in new taxes would be between $100 billion to $200 billion a year. At the upper end of the administration’s estimate, the cost per American household would be an extra $1,761 a year.

A second memorandum, which was prepared for Obama’s transition team after the November election, says this about climate change policies: “Economic costs will likely be on the order of 1 percent of GDP, making them equal in scale to all existing environmental regulation.”

The documents (PDF) were obtained under the Freedom of Information Act by the free-market Competitive Enterprise Institute and released on Tuesday.

See the timing of this, they knew in November that this would take a huge chunk of money out of the economy. 1% of GDP is massive (dont sound much but in economic terms its huge). This means that the clips of Democrats and the White House saying that this would not cost much that Glenn played above…. well they were lying and full well knew it.