Congress is debating the largest tax increase in history. Hearings began last Tuesday afternoon in the Energy and Commerce Committee on the "American Clean Energy and Security Act," otherwise known as the The Cap-and-Trade Energy Tax.
Cap-and-Trade is a tax on coal, oil, and natural gas but instead of being a set tax rate, a company's energy level will be set (Capped) and then companies will be forced to pay the government for emissions permits. Companies will be made to bid against each other to stay in business, with nobody knowing how much the tax will be until they hold these tax auctions.
This tax is to hide the monstrous tax hikes that Pelosi, Reid and Obama want to fund their big government spending inside a global warming bill.
What did Obama say last year about this Energy Tax. He said, "Under my plan of a cap and trade system, electricity rates would necessarily skyrocket... whatever the industry was, uh, they would have to retrofit their operations. That will cost money. They will pass that money on to consumers."
If this bill is passed into law it is going to hurt all Americans.