Article: CAP-AND-TRADE SYSTEM:CHUCK GRASSLEY


Congressional Testimony
04-24-2008
Opening Statement of Chuck Grassley Ranking Member, Senate Finance Committee
Committee on Senate Finance April 24, 2008 Thank you, Mr. Chairman. Today`s
hearing is about the tax aspects of a cap-and-trade program. In fact, a
cap-and-trade program for greenhouse gas emissions is essentially a tax
in many ways. Most economists agree that it would impose significant costs
on the economy that will ultimately be paid by every American. Many proposals
would also raise substantial revenue for the federal government -- $1.21
trillion from 2009-2018 for the bill reported by the Environment and Public
Works Committee, according to CBO. Those revenues would then be ...

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