To the editor-
Reports show cap-and-trade proposals at the state and federal levels would cost the average Minnesota family $1,761 and $575 per year, respectively. Those figures are merely estimates, but they give us some perspective as to how hard these proposals would hit our wallets.
CBS News reports the federal cap-and-trade bill, proposed by the Obama administration, would cost taxpayers $200 billion a year. That translates to $1,761 per year for the average family, or a 15-percent income tax increase.
You can read the entire CBS report at this link: http://www.cbsnews.com/blogs/2009/09/15/taking_liberties/entry5314040.shtml.
Similar cap-and-trade systems to auction emissions have been pushed at the state level. A joint study by Business, Agribusiness, utilities and local governments estimates that by 2015 this proposal would cost the average Minnesota family $575 more per year for things like electricity, home heating, and auto fuel.
The report indicates more than $42 billion in additional costs to Minnesotans over 40 years; household electricity prices will rise by 17 percent by 2015 and eventually go up 40 percent by 2035.
Negative economic consequences would result in Minnesota, namely an estimated 21,000 job losses by 2015 and 30,000 by 2025.
A summary of this study is at:
I will continue representing local taxpayers at the Capitol and will pass along more news on this topic as things unfold.